This page has been archived and commenting is disabled.
Goldman Crucifies Muppets Again, Closes Long Brent Position With 15.48% Loss
Another day, another muppet bites the dust.
From Goldman:
Brent pressured as European and Chinese concerns resurface
Despite recent price action, current fundamental data looks tight
After rebounding $2/bbl on Tuesday, Brent sold off again over the past two days and closed at 103.11 as of Friday, the lowest level in 9 months. By the time of writing, Brent is down a further $2.00/bbl overnight on the back of disappointing Chinese activity data. This suggests that in the tug of war between tight global fundamentals and the negative sentiment created by weak European product markets and fears of further Chinese slowdown, the latter currently prevail. These concerns have weighed on the market even as global inventory data for the end of March remains close to last year’s low levels, suggesting that the market remains quite tight.
But product prices tell another story
Nevertheless, product cracks, and particularly European product cracks, have come under significant pressure, raising concerns that European demand is weaker than expected, which in turn pulled Brent prices lower. However, in our view, the weakness in European product cracks does not necessarily reflect deteriorating economic activity. In our view, the weakness in margins is likely the result of the normal seasonal trough in demand, combined with a growing overhang in European refinery capacity and strong competition for exports from US refiners and petrochemical producers. Therefore given our economists forecast for global growth, we expect that global petroleum inventories will follow roughly last year’s path, which suggest that the global oil market should remain quite tight.
Short term downside risk increase
We will not get clarity on whether this weakness in European demand is indeed just seasonal or whether it reflects something more lasting for another two months. In the meantime, European margins could suffer further as the European refinery turnaround season has peaked and more and more refineries are coming back from maintenance. This could put further downward pressure on Brent prices, which could be exacerbated when the large crude inventory overhang in the US Midwest will is shifted to the US gulf Coast beginning in May. Consequently, we see some increasing short term risk to our trading recommendation to hold a long Brent crude GSCI position. We therefore close this position with a loss of 15.48% but will re-evaluate the opportunities once we get more clarity on the state of European demand.
And yes, for every muppet that bought from Goldman, Goldman sold to said muppet. Don't worry though, Goldman will crush it on its short Goldman call. Crush it.
»
- 16854 reads
- Printer-friendly version
- Send to friend
- advertisements -
Closing their paper psotion while filling up their tankers with the physical crude. Classic.
when do we go from diagnosis to surgery and somebody actually cuts the heart out of the beast??
let me know
Unless youre GS
Pretty well documented, here and elsewhere, that when GS wants to buy any commodity and take delivery, they will use all their connections/abilities to drive the price down. Their lobbiests are working on getting the gov to release crude from the SPR, in order to "alleviate the pain muppets are feeling at the pump". God's work and all that of course...
Is this beatdown a clearer sign of the coming collapse! Would you not want to cause severe volatility to inhibit equilibrium?
The MSM is touting the "Recovery" while the PTB are ramping up the fleecing as they know the end of the Great Keyneian Experimant is near.
The real market math is a bitch to gloss over. You can only lie for so long before your sin will find you out.
Just Sayin...no surprise from this vantage point.
Better ramp up those preps, both financial and physical...
DaddyO
They did make the right call on Gold.... just sayin...
Does it matter? So many paper promises, so little real assets or collateral. Just saying...
http://research.stlouisfed.org/fred2/series/BASE
they made it cuz they knew it was going down...and when.
Muppets must be grateful.
it's as if...they're criminals
For God's sake, Davey..., that's Goldman Sachs you're talking about. ;)
Yeah but not just any criminals.
They have a license to steal.
The Illuminati gave them the license to steal. But they ain't going nowhere. Their evil NWO has been crushed by the Galactic Federation, and they KNOW it. It is the will of God.
Galactic Federation? The will of Xenu???
Muppets don't read ZH?
yup, just like 08.
betya they're grabbing some good deals on tanker rentals.
With a glut of tankers floating at anchor,that should be no problem.
It's not easy being green
Muppecide
not easy ridin silver either.
she's a wild one.
Poor Kermie!
I feel so bad.
Crushin it.
Oh, Kermie.
He no longer has happy feet.
GS is the new Kerminator - "I'll be back"
What day does the stock market crash?
Oh no, you don't! It's just muppets, muppets, muppets all the way down...
Sweet!
GS sees these clients the same way that a lion views an injured gazelle...lol...easy prey!
....and now time for me to close my short USO position. Thanks GS Prop!
Poor kermit, we knew you well...but theres always more muppets to fleece..
..See gold and silver charts!
WTI Oil has much more downside.
http://bullandbearmash.com/chart/spot-wti-oil-weekly-falls-25-remains-ch...
They're also closing their short gold position right now, but aren't going to tell muppets until we're back above 1525
only a fool would be in ANY paper markets. - HEY jmfo.
soon to be gone fishing (lots of pm to hydropothicate)...
waiting patiently for the ice to go out.
I wonder how much Goldman gained as they closed this recommendation for a loss.
LOOKS LIKE THE DOOMER AND GLOOMER WAS SPOT ON AT 1300...
It is a well known fact that Goldman Sachs is pissing on their clients. Why are the same clients just swallowing?
LoL @ the Kermit picture! ROFL! Thanks ZH! :-D
Muppets are not crucifiable: they did not simultaneously piss off both Church and State, but rather read the script like cattle and it happened so fast; they were stunned.
So in other words...it's time to go long.
No. The muppers are left with longs in their hands. Crash will occur, so GS can buy again at $60, or 70 or 50 and start storing crude again.
is GS responsible also for the 40% plunge of AAPL?
Frogs don't stand a chance in France...
Are there any consoiracies out there about Jobs' death...why is it always the doers and makers that die early...Breitbart, Jobs, etc....why can't some of the scum get wasted!
Jobs was a corprtist scum who used his megalomania to push the product of the real "makers" Wozniak and such. He was the worst of Bill Gates. All the ego and ruthless drive with none of the coding knowlege. He did have a good feel for asthetics though :-)
And so where was the CFTC when 400 tons of fake gold were dumped on the market?
I forgot....we know what they are.
How about $1trillion class action against the Fed. Common Wikileaks give us the documentation smoking gun of this current iteration of Fed corruption.
'
'
'
'
I am… Verklempt.
•J•
V-V
Yet most of the muppets remain amphibious as to what is happening.
You really have to figure that 200 West is shovelling with both hands when it has the likes of Stolper still drawing paychecks...
"To whom do lions cast their gentle looks? Not to the beast that would usurp their den. The smallest worm will turn being trodden on, And doves will peck in safeguard of their brood"
watch and cry a tear for Kermit's dear family and think of GS' cruel heart:
http://www.youtube.com/watch?v=a9jFinjBqfc