Commodities

The Brent oil price rocketed 9% plus Friday night for no reason beyond the same UAE comments we saw Thursday.

The Sykesnado continues to shred shares as banks, miners and gas all fall.

Reality is biting at RIO.

The Brent oil price was all over the place last night but is trading at $30.60 as I write.

Here are the iron ore price charts for February 11, 2015: Tianjin spot was unchanged at $44.50.

The dead cat bounce is dying in big iron with BHP down -2.8%, RIO down -1% and FMG down -3.6%: Big gas is also on the nose with WPL down -1%, OSH -9%, ORG -2.6% and LNG -2.8%.

From the new Westpac China Resources Quarterly comes the unlucky 13 charts for a sagging China: I know, rebalancing all of that.

UBS has some estimates on how soft Pilbara iron ore shipments were in January: We estimate BHP Billiton’s share for the month at 19.2Mt or 56.8%.

From Macquarie:  Thermal coal forward curves are in pronounced backwardation.

From Clyde Russell: When the going gets tough, the tough ask for tax relief.

The Mining GFC smouldered overnight as the our Janet barely moved the needle.

No stick save for oil from Janet Yellen but it is up on the day to $31.08 as I write.

Tianjin benchmark trade resumed after CNY and fell 0.4% to $US44.50.

The Mining GFC raged higher last night as the tension between falling commodities and the end of Fed tightening gave way to simple worries about global growth and commodity demand.

Not much fun on the bourse today with houses and holes both shredded by the raging Sykesnado.

From Michael West, the last journo standing: The Gas Cartel has managed to convince the Australian public that when global gas prices are high we should pay global prices and when global prices are low we should pay 60 per cent more than the global price.

From UBS: Australian gold equities are divided, premium for some, discount for others We see Australian gold equities factoring in a gold price of US$1,147/oz, in line with spot.

The Mining GFC crisis deepened last night as rumoured US shale bankruptcies swept the market and stocks were pummeled -2.5% then rebounded some: Those low 1800s support levels on the S&P500 do not look strong.

The only credible institution in world banking, and the only one that warned of the GFC,  today warned on the Mining GFC: The growth of debt in the emerging economies has been dramatic, as shown in Graph 1.

Brent oil took a sizable shellacking overnight down nearly -4% to $32.75 as I write.

From Domainfax comes a new chapter in the history economic stupidity: Large industrial customers in north-west Queensland paid on average $11.97 a gigajoule for gas in 2015, compared to $5.68 in Victoria, a new report for the Department of Industry, Innovation and Science has found.