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As China Raises Fuel Prices For Second Time in 2011, WTI Passes $111

Tyler Durden's picture




 

The ongoing total decimation of the dollar is sending everything that still has value through the roof. Case in point: WTI which just passed $111 for the first time since 2008. And with Brent waiting with open arms at $125 it is only a matter of time before gas prices in the US will make the teleprompter advise anyone who doesn't have Discount Window access to trade in their inline 4 for the "Wealth Effect." In the meantime, a centrally planned China was just forced to hike gas prices for only the second time in 2011 (lucky them): "April 7, China, Asia’s largest oil consumer, raised retail prices of gasoline and diesel for the second time this year, starting Thursday, as international crude oil prices continue rising, China Business News reported on Thursday. The benchmark retail price for gasoline will rise by RMB 500 a metric ton on April 7 and that for diesel will increase by RMB 400, the National Development and Reform Commission (NDRC), said on Wednesday. According to several energy information institutions, the retail price of 90# gasoline will rise by 5.63% to RMB 9,380 per tonne, and that of 0# diesel will gain 4.9% to RMB 8,530 per tonne, the paper said." Bottom line - pretty soon the entire WTI curve will be in backwardation.

And why China's CPI next month will be at least 2% higher, from Business China:

April 7, China, Asia’s largest oil consumer, raised retail prices of gasoline and diesel for the second time this year, starting Thursday, as international crude oil prices continue rising, China Business News reported on Thursday.

The benchmark retail price for gasoline will rise by RMB 500 a metric ton on April 7 and that for diesel will increase by RMB 400, the National Development and Reform Commission (NDRC), said on Wednesday.

The cost of No. 3 jet fuel will gain by RMB 500 to RMB 6,840 a ton, according to China’s top economic agency.

Rising oil prices in global markets are the main factor behind the increase, industry insiders were cited as saying.

By 23:30 Beijing time on Wednesday, light sweet crude touched $ 109.15 a barrel on the New York Mercantile Exchange, a new high in this round of rebounding prices, the paper said.

International oil prices have accumulatively gained about 20% after China adjusted retail prices on Feb. 20, the first increase this year, the paper said.

According to several energy information institutions, the retail price of 90# gasoline will rise by 5.63% to RMB 9,380 per tonne, and that of 0# diesel will gain 4.9% to RMB 8,530 per tonne, the paper said.

China adopted an oil pricing mechanism at the start of 2009 which allows the NDRC to adjust retail fuel prices when international crude oil prices change by more than 4% over 22 straight working days.

As inflation intensifies, the NDRC has postponed the timing of the rise in prices since the central government unleashed a series of policies to combat inflation in 2010.

Requirements for price adjustment were satisfied after March 22, but considering peak travel during the Qing Ming holiday and mounting domestic inflation pressures, the timing of the price change was postponed to April 7, the paper said.

We would be remiss if we didn't point out the dollar again. Thank you Central Planners.

 

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Thu, 04/07/2011 - 23:51 | 1148445 Bodhi
Bodhi's picture

I'm still amazed how little people are bitchin' about fuel prices.  I guess being cornholed so long you don't notice anymore.

Thu, 04/07/2011 - 23:55 | 1148460 boricuadigm-shift
Fri, 04/08/2011 - 00:30 | 1148586 long juan silver
long juan silver's picture

Larry Sinclair says Obamas said the same thing. What a coincidence

 

Larry Sinclair: Obama's "Drug and Sex party limosine"

http://www.youtube.com/watch?v=MceFVpJ-Gyc

 

Thu, 04/07/2011 - 23:54 | 1148467 Misean
Misean's picture

A whole lot more people are just taking food stamps to the grocery store. Couple miles a week max.

Fri, 04/08/2011 - 00:04 | 1148492 Id fight Gandhi
Id fight Gandhi's picture

Cnbs zombies were Peeing themselves that retailers are doing so well despite the high gas prices.

Fri, 04/08/2011 - 00:29 | 1148584 Mentaliusanything
Mentaliusanything's picture

They are doing so well because the till takings are larger because the prices are higher because the Dollar has weakened. Whats not to like when things go up 8% in a year its all good at the till.

Till it isn't

Fri, 04/08/2011 - 08:16 | 1149296 Big Corked Boots
Big Corked Boots's picture

Also, they're doing well because an increase of 5-10 cents in the wholesale wheat content of a box of cereal is passed on as a 50 cent retail increase (insert favorite commodity/product here). And the sheep buy it because so many have forgotten how to purchase things effectively.

Fri, 04/08/2011 - 00:17 | 1148531 thefatasswilly
thefatasswilly's picture

I am not amazed.

The older generations, those in their 30's, 40's, 50's, and so on, are too tired and too caught up with work to have the energy to bitch about things they cannot change.

The traditionally revolutionary generation, those in their 20's, has been directed into idiocy and hedonism. They are too busy playing angry birds, browsing facebook, and going clubbing, where they keep it gangsta and pop bottles, to bitch. America is lost. The next generation epitomizes failure.

Fri, 04/08/2011 - 00:27 | 1148578 Incubus
Incubus's picture

Hey, I'm in my 20s.  I don't do facebook or social networking, and I don't listen to pop music, or watch television. 

But I have been stuck in an existential meltdown since...about...my teens..sooo...who says being a failure is bad, anyway?  Enough with the posturing and chest-thumping, just let it fail.

When the smoke clears, I'm sure the failure generation'll be able to piece together some system that is less exploitative—at least for the first century or so, then it'll be back to same old human decay.  Jefferson was right in that governments need cleaning out every so often—if that was even really his quote.  I don't care enough to confirm it:  it's been used enough to have been attributed to him, so whatever.

Fri, 04/08/2011 - 00:32 | 1148594 thefatasswilly
thefatasswilly's picture

You are one person. You and I make two. Two . . . out of how many?

The failure generation will be absolutely shocked at what transpires. They aren't even capable of seeing outside of the democrat / republican perspective. Most don't even care about politics.

They may be able to do it, with good leadership, which I will provide. However, my hopes remain low. The damage to their brains has been done.

Fri, 04/08/2011 - 00:41 | 1148629 nkktwotwozero
nkktwotwozero's picture

>The damage to their brains has been done.

I agree. Baby Boomers, they're kids, and they're kids are a write off.

Maybe it'll take a few generations more for the healing to take place.

 

Fri, 04/08/2011 - 05:34 | 1149056 tomster0126
tomster0126's picture

Your comments are pretty ignorant...Generation Y is extremely talented, and from what I've seen older Americans think they have a grasp of the Internet and web applications, but we've grown up with it.  Don't be jealous that we have a more intuitive and intimiate connection with the technology of the future.  Don't worry old timer, you can have your Social Security and we'll all be f***ed but our generation is brilliant enough to make up for your mistakes!

www.forecastfortomorrow.com

Fri, 04/08/2011 - 08:29 | 1149330 Nate Taggart
Nate Taggart's picture

In my experience teaching over the years, college kids today expect the same grade for less than half the effort as compared to students a decade ago. When they don't get it, they whine, call their parents, go up the chain of command, anything they can other than to actually do the required work.  And while they may be up to date on how to use the latest technology, they have missed the bus on actually understanding it.  Total lack of analytical thinking skills to boot.  Cheating is completely out of control.   There will always be good students and productive members of any group but on average I'd have to say that if the kids today are the future, we're totally fucked.  

 

Fri, 04/08/2011 - 08:46 | 1149379 JNM
JNM's picture

I finished an undergrad in engineering, in 2008, at one of Canada's more highly ranked establishments.  I'm part of the group you're insulting. I have no basis for comparison to decades ago.  But, there is no doubt in my mind, that you are absolutely correct.  The whining over due dates.  The whining over exam schedules.  The whining over the length of assignment.  And it was always the same ones complaining.  And it was, the masses too.

I think the reason is, less and less people are there, because they want to be there.  The alternative, is not a viable option to most.  Ie, going out and trying to live in the real world as a young 20 something.

If your still teaching, keep being a hard-ass.  Please.  10% of the students, will respect you.  The rest, don't matter.

edit: spelling.

 

Fri, 04/08/2011 - 20:18 | 1152152 thefatasswilly
thefatasswilly's picture

I'm 23, dimwit.

None of your precious "technology" will work without oil, idiot.

Lastly, knowing how to operate an apple product, which is marketed towards idiots, does not make you intuitive and intimate with the device.

Fri, 04/08/2011 - 00:37 | 1148605 nkktwotwozero
nkktwotwozero's picture

>I'm sure the failure generation'll be able to piece together some system that is less exploitative

And he talks like a fag too!

--

Brawndo! It's got what Nuclear Plants CRAVE!

 

Fri, 04/08/2011 - 01:21 | 1148753 Incubus
Incubus's picture

>The damage to their brains has been done.

 

I agree. Baby Boomers, they're kids, and they're kids are a write off. Maybe it'll take a few generations more for the healing to take place.

>I'm sure the failure generation'll be able to piece together some system that is less exploitative

 

And he talks like a fag too!

I don't feel that I need to really type anything to defend myself: I'll just quote you, and let it sink in.

Step up your game if you want to sling shit, buddy.

Fri, 04/08/2011 - 00:29 | 1148581 nkktwotwozero
nkktwotwozero's picture

>The older generations, those in their 30's, 40's, 50's, and so on, are too tired and too caught up with work to have the energy to bitch about things they cannot change.

If they cant change it. What makes you think 20 year olds can?

What makes you think ANYONE actually can?

Didnt we just build ourselves into a fucking sprawl?

Isnt this what we wanted? More cars? More parking lots? Bigger houses further out?

We just made some very bad choices based on very bad assumptions.

We must come to terms with that reality.

But you're quite right about the hedonism and bullshit.

Nero's not the only one fucking around this time.

 

Fri, 04/08/2011 - 00:37 | 1148604 thefatasswilly
thefatasswilly's picture

20 year olds have rocked the world before. Just look at Egypt (although, to be fair, they ended up with military dictatorship).

This IS what "we" wanted. Everyone bought into the materialistic bullshit.

. . . except a few. I never wanted this. I didn't ask for it. I am paying the price for god damned spoiled white people who got to live the good life before I was even born. The entire world is paying the price.

Fri, 04/08/2011 - 00:42 | 1148620 nkktwotwozero
nkktwotwozero's picture

>20 year olds have rocked the world before. Just look at Egypt

Look at the demographics. Young people are huge portions of Egyptian society.

Here it's gere-fucking-atric if you look at the "main" body of the pop.

Lived in Japan for a bit. I'll tell you right now; old people are simply impervious to change.

The level of inertia they represent isnt going away.

Unless in a catastrophic flood like event that takes out dams.

Which I'm expecting.

Fri, 04/08/2011 - 01:17 | 1148748 Seer
Seer's picture

"I'll tell you right now; old people are simply impervious to change."

Maybe in general, but really, do we really want a whole shit-load of old folks figuring things out and changing?  There was recent article on ZH in which it showed where the bulk of new jobs are going, and it showed that it was to the above 54(?) age group.

But for myself, I've taken to change (saw it coming a long time ago).  And while slow to get things in higher gear, I'm now shifting along.  I've focused on food production; my advice to the younger, wiser one out there, look to do the same (the old dumb fucks dodge this because they're physically couch potatoes [I'm not], and hide behind excuses such as saying that folks like me are doomers.

My hat's off to you young 'uns for your display of wisdom: I wish more and more of you would come and end up crowding out all the losers, the party trolls.  Keep in mind that it's not about changing the existing system, it's about creating a new one that's better (won't be hard to beat this here existing fucked up on).  You all will be, by necessity, much more grounded.  You'll learn how the bulk of the world has lived for a long time.

Fri, 04/08/2011 - 10:05 | 1149640 Matt
Matt's picture

"I see no hope for the future of our people if they are dependent on frivolous youth of today, for certainly all youth are reckless beyond words... When I was young, we were taught to be discreet and respectful of elders, but the present youth are exceedingly wise [disrespectful] and impatient of restraint" (Hesiod, 8th century BC)

Fri, 04/08/2011 - 00:19 | 1148549 nscholten
nscholten's picture

What do you think the percentage is of the population not making house payments?

A little extra in gas is fine until reality comes back. 

I am thinking it will take either more time at $4 bucks this time because it came down so fast last time or closure to $5 for the shock and Ah "what the fuck..."

Thu, 04/07/2011 - 23:53 | 1148457 holdbuysell
holdbuysell's picture

However, by looking at the S&P futures, there still seems to be money left over to buy equities.

Thu, 04/07/2011 - 23:53 | 1148458 Id fight Gandhi
Id fight Gandhi's picture

Decimation means to reduce by 1/10th. The dollar has/is doing much worse.

Fri, 04/08/2011 - 00:23 | 1148550 cocoablini
cocoablini's picture

The dollar has done worse in 2007- dxy being at 70 flat I think.
Euro, with rate hikes should be inflating in buyimg power against the dollar but instead the DXY is holdimg on at 75.
Its not an efficient basket of currencies since the euro is the largest component, but one would think a rate hike in europe would totally blow up the dollar. But no one trusts the euro, so you have total crap like Yuan to go into. Australia and Canada are running near the highs of their last implosion and everyone is short the dollar. So, as everyone is on the same side of this capsizing boat(short dollars) who is gaming the inevitable bounce up?
Expecting the dollar to collapse is going to be a rough ride for some people. Especially is everyone is on margin using it as a carry AGAIN.
Be-fucking-ware and mind the gap!
I like gold, silver and swissies, though a rebound in the dollar will flush out the gold bug inflationistas.

Fri, 04/08/2011 - 00:25 | 1148560 Misean
Misean's picture

I've got a similar concern. Just can't grok the game atm.

Fri, 04/08/2011 - 00:33 | 1148595 nkktwotwozero
nkktwotwozero's picture

Pretty sure it was 72.XX-73.XX'ish in March of 2008.

Remember reading about it in the Nikkie I picked up at the train station.

Apparently there were some calls made, later (about a month later) came out.

Thu, 04/07/2011 - 23:56 | 1148461 Yen Cross
Yen Cross's picture

What gets me more than anything, is that no one talks about the PBOC 20bps hikes. What's really going on is reserve requirement increases in the banking system. Liquidity preservation.

Thu, 04/07/2011 - 23:55 | 1148471 Misean
Misean's picture

I'm rather sure property specs in China are talking quite a bit about it.

Fri, 04/08/2011 - 00:17 | 1148536 Yen Cross
Yen Cross's picture

They can rent out the SPEC ghost cities to cover their banking obligations!

Fri, 04/08/2011 - 00:21 | 1148544 Misean
Misean's picture

Yeah, I know...chuckle...to the Japanese...the re-re-invasion of Manchuria...

Fri, 04/08/2011 - 00:08 | 1148508 Ted Celeste
Ted Celeste's picture

What gets me more than anything is that the human being behind "Yen Cross" defines the term "useless eater".  Yet, I love my fellow man.  What to do?

 

Fri, 04/08/2011 - 00:16 | 1148530 Yen Cross
Yen Cross's picture

Be the Walrus! Did you miss your mark?

Fri, 04/08/2011 - 00:19 | 1148547 Ted Celeste
Ted Celeste's picture

I know what it is behind "Yen Cross" is intelligent.  I just don't think it's legit.  Peace out, dude.

 

Fri, 04/08/2011 - 00:23 | 1148551 Misean
Misean's picture

Gets the spidey senses tingling, huh?

Fri, 04/08/2011 - 00:31 | 1148569 Ted Celeste
Ted Celeste's picture

I'm almost honored to have the sock puppet interact with me.

Fri, 04/08/2011 - 00:24 | 1148561 Yen Cross
Yen Cross's picture

Yawn!

Fri, 04/08/2011 - 00:29 | 1148575 Ted Celeste
Ted Celeste's picture

9/11 was an inside job.  The fed is a private corporation, not working in your best interests. 

What are you - the home viewer - gonna do about it?

Fri, 04/08/2011 - 00:33 | 1148599 Yen Cross
Yen Cross's picture

Take a leak!

Fri, 04/08/2011 - 00:42 | 1148600 Mentaliusanything
Mentaliusanything's picture

Get a beer and take a piss while scratching my ASS'

What else can I do ? Put a sock on my right hand and masturbate over spilt milk

Fri, 04/08/2011 - 00:43 | 1148631 Ted Celeste
Ted Celeste's picture

Off yourself.  One less useless eater, no?

Fri, 04/08/2011 - 06:39 | 1149115 Snidley Whipsnae
Snidley Whipsnae's picture

lead by example...

Fri, 04/08/2011 - 02:32 | 1148889 Neon Swan
Neon Swan's picture

*flap* *flap*

Fri, 04/08/2011 - 05:45 | 1149067 StychoKiller
StychoKiller's picture

Land somewhere already dammit!  Show yourself!

Thu, 04/07/2011 - 23:56 | 1148466 spekulatn
spekulatn's picture

Bottom line - pretty soon the entire WTI cruve will be in backwardation.

 

What a damn shame.

Leon mentions 125 Brent as his mark.

http://pragcap.com/the-guru-outlook-leon-cooperman

Thu, 04/07/2011 - 23:58 | 1148474 alien-IQ
alien-IQ's picture

Commence /ES blast off in 5...4...3.......

Thu, 04/07/2011 - 23:56 | 1148475 Caviar Emptor
Caviar Emptor's picture

Tapis crude at $128. 

Thu, 04/07/2011 - 23:58 | 1148479 chairsatan
chairsatan's picture

Why are futures prices so low in the out years?  Doesn't it seem obvious prices will be way north of $102 in 2018???? 

Fri, 04/08/2011 - 00:07 | 1148494 boricuadigm-shift
boricuadigm-shift's picture

Do some research in backwardation! That will answer your question.r

Either the other nuclear site in Japan went apenuts, Israel is having the war earlier mentioned, PEAK oil will be confirmed tomorrow by Obama or the GSEs liabilities will be added to US Liabilities which means everyone is looking for delivery like for... NOW!!

 

Who the fuck knows... so much shit going on...

Fri, 04/08/2011 - 00:37 | 1148608 chairsatan
chairsatan's picture

Thanks, but didn't help me very much.  I just researched it, and still I don't have a clue who thinks oil is gonna be trading at 102 a decade from now.  Peak oil, dollar collapse, rising demand in EM... all gonna push oil through the roof, so who's willing to deliver a barrel a decade from now at 102 worthless little dollars??

Fri, 04/08/2011 - 00:19 | 1148484 long juan silver
long juan silver's picture

You've got to love a command economy. How about them 64,000,000 unoccupied condos?

http://www.sbs.com.au/dateline/story/watch/id/601007/n/China-s-Ghost-Cities

 

Fri, 04/08/2011 - 00:50 | 1148656 nkktwotwozero
nkktwotwozero's picture

How US not command economy?

Dont worry scro' plenty of planned economies are living kickass lives.

--

Brought to you by Carl's Jr.

Fri, 04/08/2011 - 00:06 | 1148497 holdbuysell
holdbuysell's picture

"pretty soon the entire WTI cruve will be in backwardation."

If backwardation occurs in the ags and energies, does that suggest imminent hyperinflation?

Fri, 04/08/2011 - 00:25 | 1148558 Conrad Murray
Conrad Murray's picture

No. Capitalist pig speculators using their ill-gotten gains to destroy America.

Fri, 04/08/2011 - 00:40 | 1148622 Caviar Emptor
Caviar Emptor's picture

Means there's a crush of demand for the underlying today that's more urgent than in the future. However as each contract expires it too goes into backwardation relative to the ensuing months. 

Fri, 04/08/2011 - 00:10 | 1148512 monopoly
monopoly's picture

This is insane. The whole system is going to blow up at this rate.

Fri, 04/08/2011 - 00:13 | 1148514 nscholten
nscholten's picture

Off topic but if you are not awhere of this it's worth the time.

http://www.europac.net/media/video_blog

And I am not affiliated..

Fri, 04/08/2011 - 00:12 | 1148518 nscholten
nscholten's picture

aware

Fri, 04/08/2011 - 00:13 | 1148522 boricuadigm-shift
boricuadigm-shift's picture

I need a Bloomberg terminal... :-(

Fri, 04/08/2011 - 00:18 | 1148533 TruthInSunshine
TruthInSunshine's picture

We will have MYAP (Move Yo Ass Program) cards to go along with SNAP cards soon, and all will be well.

Fri, 04/08/2011 - 00:27 | 1148568 chump666
chump666's picture

yeah this is bad, China will get frisky now.  ZH watch for UST sells

Fri, 04/08/2011 - 00:30 | 1148579 chump666
chump666's picture

check wires....Asia is going all out and intervening in FX markets..STh Korea, Phillipnes.  All crosses are on steroid bids

Fri, 04/08/2011 - 00:31 | 1148583 chump666
chump666's picture

AUD has lost touch with reality hyper bid to 1.06...it's all Japan

 

Fri, 04/08/2011 - 00:45 | 1148646 Yen Cross
Yen Cross's picture

Aud is on a trajectory into trendlines I'm drawing in weekly charts. I'm not trading it. I know RBA had a dovish statement on employment. That economy is not diverse enough to handle massive economic swings. I'm FLAT AUD.

Fri, 04/08/2011 - 01:11 | 1148708 chump666
chump666's picture

Should be an internal shock, looking at housing, finance was down last quarter. China grappling with inflation.

Cheap puts now for the AUD, of course a staddle, you can't hedge well in aussie markets due to a stocks going sideways. watch AUST bonds also, the AUST govt is printing into the RMBS market/s

Fri, 04/08/2011 - 01:27 | 1148769 Yen Cross
Yen Cross's picture

Thanks for the internal input. No one talks about bond spreads on aud.

Fri, 04/08/2011 - 02:34 | 1148898 chump666
chump666's picture

No probs.

Fri, 04/08/2011 - 00:49 | 1148651 Mentaliusanything
Mentaliusanything's picture

AUD +7% in one month

+57% since QE1

It has not lost touch its just marking time with the fall of the reserve Currency

Priced an import in the US these days - man you guys need a payrise real bad.

Ban Nana Ben Bernanke

Fri, 04/08/2011 - 00:33 | 1148590 mfoste1
mfoste1's picture

shit hittin the fan....but there is low inflation!

Fri, 04/08/2011 - 07:07 | 1149141 sbenard
sbenard's picture

...and its just "temporary" too, according to the Chairsatan Bernanke.

Fri, 04/08/2011 - 01:23 | 1148757 Itsalie
Itsalie's picture

why aren't they (china) swithcing to  "core inflation" like greenspan?

Fri, 04/08/2011 - 01:29 | 1148775 Yen Cross
Yen Cross's picture

Because The US fed doesn't factor Energy and Food. China just ass licks what it likes, and creates it's own CPI, and releases it on a Sunday!

Fri, 04/08/2011 - 02:07 | 1148838 TumblingDice
TumblingDice's picture

OT but does anyone know how to find the average maturity of US treasury debt? I remember it was tracked  on bloomberg but can't find it now.

Fri, 04/08/2011 - 05:13 | 1149038 Yen Cross
Yen Cross's picture

3m 6m1y 3y 5y7y 10y and SO on.

Fri, 04/08/2011 - 06:11 | 1149088 TumblingDice
TumblingDice's picture

I know the denomination of the different bills and notes and blorks. I need to know the average maturity of all of them. Take the remaining duration until maturity on all the paper issued and average it...sort of deal. It was 48 months in early 2009 but now it has risen considerably.

Fri, 04/08/2011 - 02:15 | 1148861 TexDenim
TexDenim's picture

When I first visited China in 1984, all the Chinese were riding bicycles, and very few had cars. Now the reverse will happen, and the Chinese will be driving cars and Americans will be riding bicycles.

Fri, 04/08/2011 - 02:37 | 1148903 chump666
chump666's picture

No China is a hydrogen bomb with a timer on it

Fri, 04/08/2011 - 04:55 | 1149031 sethstorm
sethstorm's picture

...with a lot of US citizens who would not mind finding out how to just detonate the whole thing.

Fri, 04/08/2011 - 05:24 | 1149047 magpie
magpie's picture

I just love calling the tops, here goes

http://www.reuters.com/article/2011/04/08/huixian-ipo-idUSL3E7F80FQ20110408

But then i thought the NYSE deal was one (twice?)

Fri, 04/08/2011 - 03:27 | 1148973 Bubbles the cat (not verified)
Bubbles the cat's picture

Hey Tyler. Ain't this what inflation looks like?

Fri, 04/08/2011 - 04:07 | 1148994 ivars
ivars's picture

Take a look at this February 6th prediction to see what is coming next. So far it has been spot on, predicting both first hike in March and than bottom in middle march, and current increase. Oil has to top out this time at around BRENT 125-130 USD. But there will be next times of spikes, driving average up to 160USD in Q4 this year, and over 180 USD in Q1 2012:

 

http://www.saposjoint.net/Forum/download/file.php?id=2609

 

 

Fri, 04/08/2011 - 04:22 | 1149003 Yen Cross
Yen Cross's picture

Gotta Jet to catch. You are asleep in NA. See ya in Singa pore.

Fri, 04/08/2011 - 04:53 | 1149027 GFORCE
GFORCE's picture

This is 2007/8 all over again. The same bubble, the same carry con job, the same idiots.

It will end the same way too. 

Fri, 04/08/2011 - 05:17 | 1149039 Yen Cross
Yen Cross's picture

08 YES!

Fri, 04/08/2011 - 06:11 | 1149091 Ashish Gourav
Ashish Gourav's picture

Oil prices won't affect us in the long run

Fri, 04/08/2011 - 07:04 | 1149137 sbenard
sbenard's picture

You forgot the "LOL" at the end. I'm sure you jest!

Fri, 04/08/2011 - 07:01 | 1149136 sbenard
sbenard's picture

This is really beginning to look UGLY! Stocks and Wall Street are oblivious to the turmoil and all risk! Oil is skyrockting, corn is skyrocketing, cotton was limit up for the umpteenth time yesterday, gold and silver are skyrocketing!

And the only thing that is declining in "price" (to use Christima Romer's term) is the DOLLAR! It's as if the PLANNED to destroy us on a huge, last heroin trip of money-printing and DEBT!

These people can't be that stupid. They must be doing this intentionally!

Fri, 04/08/2011 - 07:09 | 1149152 Drag Racer
Drag Racer's picture

Iran is playing and having a good laugh...

OPEC will not increase oil production

http://www.mehrnews.com/en/newsdetail.aspx?NewsID=1278110

Ahmadinejad forecasts oil at $150

http://www.mehrnews.com/en/newsdetail.aspx?NewsID=1282379

Fri, 04/08/2011 - 07:18 | 1149165 zobes
zobes's picture

What is the price of gas in China converted to US$/gallon? Would be interesting to see how far off the central planners price is from a market price.

Fri, 04/08/2011 - 07:21 | 1149172 johny2
johny2's picture

It is striking how in the week that China and ECB raised rates to curb the inflation, the oil, PM just continued going up. Shows how far behind the curve CB are. And FED is still discussing if there is need for more QE. Wealth effect like in Zimbabwe, can not wait to make my first 1 million dollar purchase in cash.

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