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    How many “emergency” “secret” meetings do the central planners around the world need to have before the citizens of the respective countries begin to fully understand and take notice that something...

WTI Passes $109

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Wed, 04/06/2011 - 10:09 | 1140533 vast-dom
vast-dom's picture

No inflation right Ackman? Sheesh....

Wed, 04/06/2011 - 10:12 | 1140553 goldfish1
goldfish1's picture

Forewarned is forearmed?

Wed, 04/06/2011 - 10:32 | 1140686 Turd Ferguson
Wed, 04/06/2011 - 11:24 | 1141037 the mad hatter
the mad hatter's picture

The military expedition in Libya was just to warn our old buddy Gaddafi to sell us is light sweet oil for cheap and respect the multinational oil corporations.

It was a message: do it or we'll turn you into another Saddam.

Neither side wants to end up dead or in an extremist quagmire. That's why we're pulling out.

Wed, 04/06/2011 - 10:12 | 1140539 Flakmeister
Flakmeister's picture

 Where are those guys that were trying to convince me that oil was a screaming short?

Wed, 04/06/2011 - 10:15 | 1140560 Snidley Whipsnae
Snidley Whipsnae's picture

Short oil with summer driving season approaching? Not to mention that the Mid East's hair is on fire?

Wed, 04/06/2011 - 10:19 | 1140586 Flakmeister
Flakmeister's picture

Check out the exchange here on Monday:


Can you believe that I was accused of talking my book? Hilaripus

Wed, 04/06/2011 - 10:31 | 1140667 Snidley Whipsnae
Snidley Whipsnae's picture

"For example, often times traders know that a large base of positions have to be rolled over, so they close out their positions, and wait for the selling to end before then buying the next month`s contract to keep their original bias in the market. Some traders even short the market at the same time they are closing out their original longs because they know that a large roll of longs will be closed out, so they piggy back on the rollover for additional profits. This is oftentimes why you experience 4 or 5 days of weakness due to the selling, and shorts piggybacking on the rollover, with two days of strength in the expiring contract as the shorts have to go long to close out their positions before the contract expires."

Yes, common practice in many commodities. 

Wed, 04/06/2011 - 10:36 | 1140698 Flakmeister
Flakmeister's picture

Check out the chart on the rollover effect for the past 9 months in WTI ...I don;t have it handy, but there was one floating around at seekingalpha

Wed, 04/06/2011 - 10:38 | 1140716 Spalding_Smailes
Spalding_Smailes's picture

Flak -


You must admit, you did not know the middle east was going to have issues when oil was under $95. Thats really what's driving this run up.

Wed, 04/06/2011 - 11:01 | 1140878 Burnbright
Burnbright's picture

Turmoil in middle east is due to inflation. You can keep denying it but its the truth.

Wed, 04/06/2011 - 11:03 | 1140898 tmosley
tmosley's picture


"Nobody could have seen it coming" except for those who did.  Some fools don't know snakes from dildos about economics.  Funny that they are universally the ones telling us all is well.

Wed, 04/06/2011 - 20:30 | 1143491 Flakmeister
Flakmeister's picture

I reply to you, but this is meant for everyone. How the fuck can anyon be an Au/Ag advocate and not be an oil bull? I trade the cash flows...

  Any thing that drives down the price of oil will also affect PMs...

Wed, 04/06/2011 - 11:08 | 1140919 SteveNYC
SteveNYC's picture

All roads really do lead to the Bernank.

Wed, 04/06/2011 - 11:19 | 1141010 Urban Redneck
Urban Redneck's picture

The Cushing glut serves a purpose - it allows the US media to talk about 110 oil instead of 125.  As an added bonus, some dumb spec trader caught holding the paper on expiration day can lead to a $10-20 drop in closing price, which the media will jump on during the evening news, before the price print is magically erased at midnight, just like in that other fairy tale.

Wed, 04/06/2011 - 13:35 | 1141769 baby_BLYTHE
baby_BLYTHE's picture

I was just browsing Banzai's website and came across this gem (must have missed it when it was posted on ZH)


Needless to say, My keyboard is now drenched with my afternoon latte :]

My co-workers have been complaining about gas prices... I told them, welcome to world wide Benocide!

Wed, 04/06/2011 - 10:30 | 1140670 nonclaim
nonclaim's picture

Just before the driving season, look out for the pre-season show of burst pipelines, refinery "scheduled maintenance" shutdown and fire and small explosions in the other ones. All unforeseen events, of course.

Wed, 04/06/2011 - 10:15 | 1140578 vast-dom
vast-dom's picture

PAtience FlakMan -- there will be a great opportunity to short oil....timing is central obsession.

Wed, 04/06/2011 - 10:21 | 1140603 Note to self
Note to self's picture

Oil price goes two steps up, one step back

in concert with GDP which goes one step up, two steps back

till the oil is gone


Wed, 04/06/2011 - 10:23 | 1140627 vast-dom
vast-dom's picture

not if you do a DOUBLE SHORT ;)

Wed, 04/06/2011 - 10:40 | 1140753 gordengeko
gordengeko's picture

Right.  Why is DTO moving northward when crude is up 108 to 109?

Wed, 04/06/2011 - 10:21 | 1140619 Sudden Debt
Sudden Debt's picture

2 one thousand

3 one thousand

4 one thousand


time of death 10 o'clock...



Wed, 04/06/2011 - 10:39 | 1140739 Homey Da Clown
Homey Da Clown's picture

SD, curious. Are you the same chap with the Sudden Debt blog? If so, good stuff.

Wed, 04/06/2011 - 10:45 | 1140787 Cash_is_Trash
Cash_is_Trash's picture

In person, Sudden Debt has the ability to speak in CAPITAL BOLD LETTERS


Wed, 04/06/2011 - 10:34 | 1140694 tmosley
tmosley's picture

Shorting anything in this market is the mark of a true madman.  If someone tells you to short something, ANYTHING, in terms of dollars, you can most likely write them off as insane, stupid, or both.

Wed, 04/06/2011 - 10:35 | 1140704 Flakmeister
Flakmeister's picture

Well maybe bonds and the inverse PM ETFs (if you can find some to short)

Wed, 04/06/2011 - 11:09 | 1140930 tmosley
tmosley's picture

Not even those.  If the ETF's are found to be fraudulent, they will go to zero.

This is why a nice bet is to  short GLD or SLV, and go long physical metal.  Unfortunately, in practice, they won't let you take delivery of the bullion you bought with the proceeds of your short, which means a LOT of extra risk, as any custodian is likely to screw you over, charge you for storage on non-existent bullion, and then go bankrupt before you can get your metal.  

Wed, 04/06/2011 - 10:47 | 1140789 SheepDog-One
SheepDog-One's picture

He's down below, named 'RainBowTrader' or something.

Wed, 04/06/2011 - 10:13 | 1140558 HamyWanger
HamyWanger's picture

No matter what bigoted Ron Paul-worshipper, anti-Federal Reserve, anti-State libertarians say, the global economic recovery is on the march, and nothing will stop it. 

Wed, 04/06/2011 - 10:20 | 1140596 Robot Traders Mom
Robot Traders Mom's picture

When the SHTF, tell your old lady to come shack up with me. If your lucky, we'll come visit you and I'll throw you some pieces of bread like I do with the birds.


Wed, 04/06/2011 - 10:25 | 1140636 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

dude, Hamy is a comical farce on purpose. You should laugh.

Wed, 04/06/2011 - 10:36 | 1140710 Robot Traders Mom
Robot Traders Mom's picture

No, he's not funny.

Wed, 04/06/2011 - 10:41 | 1140752 DeadFred
DeadFred's picture

Can't you tell she's not a dude?  Look at her cute icon.  Even if she is expressing lesbian tendencies we shouldn't judge.

Wed, 04/06/2011 - 11:08 | 1140935 SteveNYC
SteveNYC's picture

Was that the personality behind RT's Mum, or RT's Mum wanting to shack up with a chick? Interesting, either way....

Wed, 04/06/2011 - 10:15 | 1140561 EZYJET PILOT
EZYJET PILOT's picture

Tears are already being shed, just ask the Libyans. QE3 roundabout September I reckon. By this stage oil will be upwards of $150 a barrel, Syria would have been engaged with Iran on the targets, not to mention the fallout of Fukoshima impacting the economy. By this time Bernanke will turnaround and say it is necessary for the survival of the global economy, we all know what he really means however.

Wed, 04/06/2011 - 10:14 | 1140566 Stuart
Stuart's picture

what else could they say, really.  They have no choice but cannot admit it, ever. 

Wed, 04/06/2011 - 10:14 | 1140567 Dick Darlington
Dick Darlington's picture

The coming economic and financial collapse will be something never seen before. Every ponzi scheme comes to an end and this one will make no exception.

Wed, 04/06/2011 - 10:18 | 1140579 Ben Probanke
Ben Probanke's picture

wti futures not good reference for crude price in the US and cant compare to 2008 since WTI now trading at deep discount to US Gulf crude oil. LLS in the gulf is at 125.50 $/bbl...

Wed, 04/06/2011 - 10:18 | 1140582 DonnieD
DonnieD's picture

This price surge in oil is purely due to sophisticated driving habits of developing countries.

Wed, 04/06/2011 - 10:20 | 1140592 Flakmeister
Flakmeister's picture

Nice....I have to file this one

Wed, 04/06/2011 - 10:32 | 1140676 falak pema
falak pema's picture

'humming' my way to death...killing me softly...

Wed, 04/06/2011 - 10:34 | 1140699 Snidley Whipsnae
Snidley Whipsnae's picture

lol... SA Princes drive big Mercedes everywhere at ~ 80mph, stopping at no stop signs. Consequently they are being eliminated from the gene pool rapidly.

Wed, 04/06/2011 - 11:13 | 1140962 EscapeKey
EscapeKey's picture

Yeah God damn those fearmongers called the 'IEA''.


The International Energy Agency(IEA) says production of conventional crude oil peaked in 2006

Open your eyes, we're hitting peak as we speak.

Wed, 04/06/2011 - 10:18 | 1140593 dogismyth
dogismyth's picture

good gravy....sounds like a bunch of women in a room with a single small mouse.   Yeah, its all over folks...pull the trigger NOW!

Wed, 04/06/2011 - 10:22 | 1140600 Cdad
Cdad's picture

And equities are up...why?  Again, did I miss something this morning?  Silver @ 31 year high, gold @ nominal all time high, oil @ about a three year high...with gasoline trending ahead of the oil slope this time....again. why is the equity market higher?

It must be the good news at Fukushima...right?  I heard they plugged a crack in a pool.

It must be all the good economic data our of Europe...like the auction of Portuguese debt which was "successful" in the words of the BlowHorn [yep, that is a quote].  Or stagflation confirmed?

It must be US housing?  Collapsing orders in China?  Maybe E. Burnett is just really ramping the adorableness factor?  Everything is running on UnicornDew power?  'Cause Cramer pointed out the completely farcical moves stocks have been making...and then deduced that this signaled that farcical things would continue?

It must be stability in Egypt, Syria, Yemen.

Again, why is the equity market up?   

...oh...I know...the just released news that cash is pouring OUT OF long ETFs?

...wait...I know...that tons of people HAVE TO SELL Apple?

Wed, 04/06/2011 - 10:35 | 1140709 Snidley Whipsnae
Snidley Whipsnae's picture


Wed, 04/06/2011 - 10:38 | 1140719 Rikki-Tikki-Tavi
Rikki-Tikki-Tavi's picture

technically equities are only up in fiat terms - in gold terms they are down. I prefer to think that the market reach peak irrationality shortly before it corrects.

Wed, 04/06/2011 - 10:39 | 1140737 Hedgetard55
Hedgetard55's picture

DOW is about where it was at the beginning of 2007.


Silver has roughly tripled in price from that same time.


Priced in dollars, DOW is flat. Priced in true money, silver, DOW has fallen to a third of what it was, in real terms.

Wed, 04/06/2011 - 10:20 | 1140612 writingsonthewall
writingsonthewall's picture

TD - can you clarify something - when you say "this will end in tears" - do you mean


a) Tears from the eyes as the world gets upset at another crisis which it was 'promised' by 'lying politicians' would not happen again.

b) Tears of shredded paper as FIAT currency is torn up and burnt


The people need to know these things, will it be hanky's or wheelbarrows at dawn?

Wed, 04/06/2011 - 10:46 | 1140783 SheepDog-One
SheepDog-One's picture

Tears from the smoke of up in flames fiat.

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