Australian LNG

Brent oil rocketed to new highs Friday night but could not hold the gains and ended down mildly at $35.16.

The share market is one nervous Nelly again today ignoring positive overnight leads as banks can’t catch a  bid.

Brent oil rallied again last night above $35 while Henry Hub hit new 12 year lows at $1.75mmBtu before a bounce: The Brent chart is now clearly set up in a bullish ascending triangle pattern.

It’s another tough day for shares despite the overnight rally in the US as banks and miners take heat.

Brent oil rebounded last night on US EIA data to $34.51.

It’s a little bit of carnage today for shares.

So, Brent sank 4% to $33.37 last night as some reality returned to OPEC hopes.

The screaming dead cat bounce of the last few days is finding resistance today as key prices weaken.

BHP is out with its half-year results and it ain’t pretty: So, a -5.7bn profit, a full Samarco write off and huge shale write down, an annihilated dividend and very gloomy outlook across the portfolio:   All future booms and none in sight.

For markets, the Mining GFC is now in full and panicked reverse gear.

The Brent oil took off again overnight and the chart looks bullish: That’s an ascending triangle pattern forming and any break above $36 will indicate a break out.

The share market is having a good day as iron ore offers false hope to the feeble-minded.

From Reuters: Iran has increased oil exports by 500,000 barrels per day since international sanctions against Tehran were lifted in January, a top official said on Saturday.

Ahhh, markets still haven’t quite woken up to the three-ringed circus that is the OPEC non-deal but they’ve started with Brent down solidly Friday to $33.10.

After yesterday’s  rush of blood, or vodka, the share market is pulling back today with banks down firmly.

Brent oil fell firmly overnight to $34.16 and Henry Hub gas plunged towards new lows at $1.85mmBtu: The OPEC non-deal just keeps on giving.

We’re in full melt-up today with everything flying on the back of the OPEC non-deal. Banks are up firmly as CDS prices come off (CBA 130bps this morning) and the looming rate cuts aren’t hurting, either, as ABS numberwang goes into reverse.

The dead cat bounce has stalled again.

It won’t be news to readers even if it will surprise Minister Frydencoal.

From Gotti today: Last night’s arrangements between Saudi Arabia and Russia will go down as a historic turning point in global affairs.

The Mining GFC that is.

From a speech yesterday by Resources Minister Josh Frydencoal: In the years ahead to 2040, the LNG projects in Western Australia alone – Wheatstone, Pluto, Gorgon and North West Shelf – are expected to contribute a further $160 billion in taxes and royalties.

Hoocoodanode that this was coming?

The dead cat bounce continues for some today but not the banks.