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Oil Goes Berserk In Electronic Trading As WTI Passes $98

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Mon, 02/21/2011 - 17:16 | 982794 Ragnarok
Ragnarok's picture

Consumer spending and credit card use will be up! BTFR! 

 

Clearly this surge in price is due to sudden EM demand from strong growth. 

Mon, 02/21/2011 - 17:19 | 982822 DonnieD
DonnieD's picture

EM's have sophisticated energy diets now.

Mon, 02/21/2011 - 17:38 | 982907 cswjr
cswjr's picture

Those tanks, APC's, 'copters, jets, etc. take lots of petroleum.  Heck, just think about how much (Q/G/K)adhafi is burning on his Caracas junket.

Mon, 02/21/2011 - 17:49 | 982953 disabledvet
disabledvet's picture

and now you know why oil is soaring.  "Libya" is a symptom and in no way causing the oil price to soar.  It's the "slight issue of various militaries" needing fuel i think.

Mon, 02/21/2011 - 17:57 | 982982 monopoly
monopoly's picture

Ragnarok, LOLOL. "strong growth"...gotta luv it. Great board.

Ya know all, as strange as this seems to 90% of America, I think it is safe to say that none of us are very surprised, amazed or bewildered with what is going on, and when gold reaches 1,500, and oil is 110 well ok then, just part of the process that we are aware of.

The sad part is most Americans have no idea what the "dollar" means outside of the fact it buys an Ipad, and most have no idea of POMO, derivatives, or monetization. And few govt. workers get it that it is over, high pensions, no health care costs, free meals for govt. workers. It is Over.

But when gas is $4.50 a gallon and bread is $5.50 a loaf. Then maybe, just maybe, "the March of Millions here."

Mon, 02/21/2011 - 19:49 | 983367 4ndy
4ndy's picture

would be surely interesting to see

Mon, 02/21/2011 - 20:04 | 983419 Oleander
Oleander's picture

On local news tonight (RI station)  they stated signs that economy is picking up: 

underwear sales are up as are sales of Venti Lattes

Everything is fine - as you were - nothing to worry about.

Mon, 02/21/2011 - 21:18 | 983677 Yen Cross
Yen Cross's picture

#clh WTI march contract is currently 92.56 on that little spike. Thanks fro the interuption Ragnarok.

Mon, 02/21/2011 - 17:14 | 982796 AndrewJackson
AndrewJackson's picture

Surely this is bullish for the oil companies! Oh wait....whose that guy in Libya again?

Mon, 02/21/2011 - 17:24 | 982847 Michael
Michael's picture

I love the smell of pain on Tuesday morning. I can smell it from here.

Mon, 02/21/2011 - 19:15 | 983209 I think I need ...
I think I need to buy a gun's picture

Im just glad we have been concentrating on otc derivitives the last decade rather than making sure out big tractor trailers were outfitted with natural gas engines.

what happens when our big truck companies go bankrupt from 7 dollar gas will we be hunting deer?

Mon, 02/21/2011 - 19:18 | 983225 I think I need ...
I think I need to buy a gun's picture

now i know why soros was buying delta airlines last week, just like peter schiff said circa 2007 they airlines will all be bought out by foreigners because they won't be able to afford gas in us dollar terms

Mon, 02/21/2011 - 17:14 | 982798 Bodhi
Bodhi's picture

Would now be a good time to top off the Suburban before the price hike Tuesday?

Mon, 02/21/2011 - 17:25 | 982853 Moe Howard
Moe Howard's picture

Hold off - I suggest buying the dips.

Mon, 02/21/2011 - 18:52 | 983143 quasimodo
quasimodo's picture

No shit Sherlock, only difference being mine is a Yukon...ugh. Oh well, the Taurus will be getting more miles as long as we are not snowed in.

Mon, 02/21/2011 - 20:12 | 983443 Snidley Whipsnae
Snidley Whipsnae's picture

Yes, fill the suburban and every can of gas that you can SAFELY store.

Think of it as more insurance... You might need to drive an ailing family member/friend to an ER when emergency responders are short fuel.

Mon, 02/21/2011 - 17:15 | 982801 RobotTrader
RobotTrader's picture

Heh, will be fun to see what the XRT does tomorrow....

Mon, 02/21/2011 - 17:20 | 982824 lieutenantjohnchard
lieutenantjohnchard's picture

as mentioned last friday, what about that cat at the fed who advised us that rising oil was gdp positive.

Mon, 02/21/2011 - 18:18 | 983047 sun tzu
sun tzu's picture

He must have been talking about oil exporters like Saudi Arabia and Canada

Mon, 02/21/2011 - 20:31 | 983523 lieutenantjohnchard
lieutenantjohnchard's picture

maybe so.

Mon, 02/21/2011 - 17:22 | 982837 Internet Tough Guy
Internet Tough Guy's picture

LA drivers will be luxuriating in $5 gas. Get your bus pass out Robo. LOL...

Mon, 02/21/2011 - 17:29 | 982871 Michael
Michael's picture

LA Libs want higher gas prices. WTF?

Mon, 02/21/2011 - 17:50 | 982959 yabyum
yabyum's picture

Libs everywhere are driving hybrids and electrics, best top off the f-250 tonight!

Mon, 02/21/2011 - 18:53 | 983146 quasimodo
quasimodo's picture

+  GULP

Tue, 02/22/2011 - 00:58 | 984351 born2bmild
born2bmild's picture

I didn't know you had to be a liberal to not like US dependence on foreign anything especially oil (wars). The Gulf of Mexico comes to mind, aside from the fact it's expensive and bad for your engine if it's gasoline you are burning.

 

Mon, 02/21/2011 - 17:25 | 982849 TheGreatPonzi
TheGreatPonzi's picture

Can't see how higher oil prices can benefit retailers, really... 

Mon, 02/21/2011 - 19:11 | 983197 snowball777
snowball777's picture

Bicycle retailers?

Mon, 02/21/2011 - 17:26 | 982862 HamyWanger
HamyWanger's picture

 

It will keep pushing higher, IMO. 

This jump in oil (+10.62% in one day, quite unusual) is the perfect sign the global economic recovery is accelerating. 

If there is no demand, there is no jump in oil. 

So there must be some pretty good demand out there.

I've converted the rest of my cash portfolio in AAPL and NFLX stocks. 

 

Mon, 02/21/2011 - 17:37 | 982904 lieutenantjohnchard
lieutenantjohnchard's picture

hat tip to ya hamy. you sucked me in and buffaloed me a couple of times to your brand of humor. i didn't realize you were channeling harrywanger's idiocy, playing him for the fool until late in the game. took me a while to see the humor.

Mon, 02/21/2011 - 17:48 | 982946 Troll Magnet
Troll Magnet's picture

personally, i'm stocking up on Colavita Extra Virgin Olive Oil.

yes.  i'm taking physical delivery.  and yes, i CAN eat oil!

Mon, 02/21/2011 - 19:19 | 983237 mick_richfield
mick_richfield's picture

...and you can freeze it.

Tue, 02/22/2011 - 08:43 | 984656 whatz that smell
whatz that smell's picture

for the love of junk! let hamy up for some air!

Mon, 02/21/2011 - 17:51 | 982963 thetruth
thetruth's picture

yes this is about demand and not supply

Mon, 02/21/2011 - 18:10 | 983029 LawsofPhysics
LawsofPhysics's picture

Funny as always, hamy.

Mon, 02/21/2011 - 17:16 | 982802 velobabe
velobabe's picture

wish i knew more about this, but you were predicting this.

do you have crystal balls, tyler?

Mon, 02/21/2011 - 17:24 | 982843 bingaling
bingaling's picture

Dave Chapelle is looking to get a pair also

http://www.youtube.com/watch?v=7sn1RUjbL1g

 

 

Mon, 02/21/2011 - 19:04 | 983174 velobabe
velobabe's picture

i just had the funniest hour of my life†

Mon, 02/21/2011 - 17:44 | 982934 Former Sheeple
Former Sheeple's picture

TD's great, great, great-grandfather was pretty good at predicting shit as well, they called him Nostradamus!

Mon, 02/21/2011 - 18:34 | 983094 KTV Escort
KTV Escort's picture

luv your ID

Mon, 02/21/2011 - 17:16 | 982804 equity_momo
equity_momo's picture

Anyone remember the 2008 top in commodities? This is the beginning of the end. Crack up boom. Blow off top. Head fake. Take your pick.  Global economy is going to puke in its mouth again as the pass through costs tip us back into depression.

Mon, 02/21/2011 - 17:49 | 982952 Ned Zeppelin
Ned Zeppelin's picture

That is what happened in the summer of 2008, and once the meltup started it was hard to see how it was going to end.  "Never under $100 a barrel again." 

Mon, 02/21/2011 - 21:58 | 983808 John Wilmot
John Wilmot's picture

Agreed, it's getting more obvious by the day that (hyper)inflationairy depression has been the right call all along. I see it as inevitable unless The Bernank stops monetizing treasuries, in which case the U.S. government will default. So...?

Mon, 02/21/2011 - 22:29 | 983932 StychoKiller
StychoKiller's picture

But, but...the Decepticrats say this is no time to cut spending because the Economic Recovery ™ is still fragile, while the Republicons are trying to cut the Federal Budget tree with a weed trimmer -- Bizarro world continues to spin on its axis...

Mon, 02/21/2011 - 17:16 | 982806 drink or die
drink or die's picture

Topping off my cars today (should have done it last week)..  Fortunately, this is already priced into the market, so you can bet the DJI will close up at least 1% tomorrow.

Mon, 02/21/2011 - 17:19 | 982818 Moe Howard
Moe Howard's picture

It was already priced in on Friday, they knew today was a holiday. Up 2% tomorrow.

Mon, 02/21/2011 - 17:16 | 982809 Michael
Michael's picture

How much oil can a bankrupt US and the world buy again?

Wall Street Silver Gold Theft and World Economic Collapse

http://www.youtube.com/watch?v=WI8dfFN7H1w

Mon, 02/21/2011 - 17:18 | 982810 HamyWanger
HamyWanger's picture

"Flash crash"??? 

This jump in oil is very good news for equities. It means the recovery is accelerating, and demand in emerging markets gaining strength. 

Mon, 02/21/2011 - 17:21 | 982833 equity_momo
equity_momo's picture

I know youre baiting Wanger2.0 but that was exactly the sales pitch the Goldmanites used in 2008. Price action makes headlines and all that - gotta fit a narrative to the squiggly lines! 

Fast forward to "Oppps , the lines going down at 45 degrees , what does that mean"?

Mon, 02/21/2011 - 19:22 | 983258 mick_richfield
mick_richfield's picture

It means you will feel better if you rotate the graph 90 degrees counter-clockwise.

Mon, 02/21/2011 - 17:24 | 982852 lj_nissen
lj_nissen's picture

I sense the irony!

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