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Brent Priced In EUR At Record Highs

Tyler Durden's picture





 

Presented with little comment except to note that the fact that the price of Brent Crude in its local Euro currency has broken all-time highs from July 2008 - which we are sure won't impact the already recessionary environment facing many European nations.

Chart: Bloomberg

 


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Wed, 02/15/2012 - 17:05 | Link to Comment CvlDobd
CvlDobd's picture

Bullish for ANZN and AAPL as people will stay in and shop for iPads online.

Wed, 02/15/2012 - 17:22 | Link to Comment ACP
ACP's picture

In fact, they'll have even more money (credit), because they won't be spending ANY money on gas at all!

BUUUUULLLLLLLLLLIIIIIIISH!!!

Wed, 02/15/2012 - 19:20 | Link to Comment SheepDog-One
SheepDog-One's picture

Pretty soon, folks will just be spending their entire unemployment check on Apple stock! Hooray!

Wed, 02/15/2012 - 17:05 | Link to Comment Arkaenun
Arkaenun's picture

Just yesterday Obummer told me high crude prices was a sign of a recovering economy. He is wrong?

Wed, 02/15/2012 - 17:10 | Link to Comment FlyoverCountryS...
FlyoverCountrySchmuck's picture

"Just yesterday Obummer told me high crude prices was a sign of a recovering economy. He is wrong?"

 

Do you want to be reeducated by the Obama Truth Team Gestapo?

Wed, 02/15/2012 - 18:35 | Link to Comment Clowns to the l...
Clowns to the left_ jokers to the right's picture

Huh. I swear I remember high crude prices being the fault of Bush, all of his greedy, evil oil company buddies and their record profits. I really, really wish they would make up their minds already instead of changing it whenever the letter beside the name of the person in the WH changes.

Wed, 02/15/2012 - 19:17 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

which we are sure won't impact the already recessionary environment facing many European nations.

This is EXACTLY the point.  The price is doing this in a recession!  Vehicle miles driven are down!

What, sportsfans, does this say about supply?

Wed, 02/15/2012 - 20:06 | Link to Comment Toxicosis
Toxicosis's picture

+1

Exactly, supply is struggling to meet demand, especially from other nations sucking up more of the juice.  Heavy sour crude is the name of the game, and this stuff has far less gasoline per barrel pumped than the ole sweetness.

Wed, 02/15/2012 - 20:38 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Repeat after me. There is no inflation. And there is no inflationary bubble, not in oil, not in stocks and not in (gvt) bonds.

When you wake you will feel completely refreshed and credit worthy. Now.......on the count of three I want you to grab your credit cards and spend Spend SPEND.

 

Wed, 02/15/2012 - 17:07 | Link to Comment PicassoInActions
PicassoInActions's picture

market down crude up, market up crude up

wtf. can we start shooting those traters and gamblers on oil?

Why don't we make a deal with taliban, we will give them every oil trader for exchange for peace

 

Wed, 02/15/2012 - 17:20 | Link to Comment EyeQ
EyeQ's picture

No Agreement - the oil traders are doing what we could not, they are our BEST friends and allies.  They will crush the west and we can sit back and laugh - ha ha ha.

Wed, 02/15/2012 - 17:33 | Link to Comment The Swedish Chef
The Swedish Chef's picture

I´m assuming you mean "traitors". I also tried to picture why the taliban would offer the US peace in exchange for a pack of commodity traders. If anything, they would intesify the war effort. 

 

Shoot people because of what they do with their money.... Kim Il-Un called. He wants you.

Wed, 02/15/2012 - 17:13 | Link to Comment Dick Darlington
Dick Darlington's picture

Like mr Zee Price Stabeeletee used to put it, "inflation risks are broadly balanced". Lol!

Wed, 02/15/2012 - 17:13 | Link to Comment Citxmech
Citxmech's picture

I just can't see starting a hot conflict in Iran with prices this high - Jacking up prices even higher now would be real kick-in-the-nuts to the entire financial/economic system - I just don't see enough slack in the system for this to be realistic unless we're close to the end-game on the conventional economy already and it would be better to have a scapegoat.

Wed, 02/15/2012 - 17:20 | Link to Comment drink or die
drink or die's picture

That's your problem, you are thinking rationally. You would never be able to work in politics.

Wed, 02/15/2012 - 17:25 | Link to Comment Schmuck Raker
Schmuck Raker's picture

"...unless we're close to the end-game on the conventional economy already and it would be better to have a scapegoat."

I'd comment, but I don't think I'm on any terrorist watch lists yet, so.....you know...

Wed, 02/15/2012 - 20:28 | Link to Comment V in PA
V in PA's picture

I saw something,and now I'm gonna say something!  ;)

Wed, 02/15/2012 - 17:29 | Link to Comment Poor Grogman
Poor Grogman's picture

Exactly, if the PTB want a reset while keeping most of the ponzi in place, a hot war with Iran could be the way to go.
They have already shown a willingness to maintain the fiat fantasy at ALL COSTS including world war if needed. The rewards are so great for the money masters that they sold out all morality long ago, they have nothing to offer the masses but more institutionalized theft, killing, war,lies, misinformation, all laced with the occasional talk of hope, all the while descending inexorably into global Banking fascism.

Wed, 02/15/2012 - 17:32 | Link to Comment Squid Vicious
Squid Vicious's picture

you need to watch more Fox news, as you are clearly not sufficiently hateful/fearful of those crazy evil Eye-raynians 

Wed, 02/15/2012 - 18:25 | Link to Comment whaleoil
whaleoil's picture

I think that's what's been staying their hand for like four years now...

Wed, 02/15/2012 - 18:45 | Link to Comment johnQpublic
johnQpublic's picture

ding ding ding ding ding

we have a winner

endgame bitches

Wed, 02/15/2012 - 19:22 | Link to Comment SheepDog-One
SheepDog-One's picture

What do you mean? The most insane ever James Bond villain 'world domination plot' is not going smoothly and totaly according to schedule? Oh my.

Wed, 02/15/2012 - 17:14 | Link to Comment candyman
candyman's picture

 timely post for those in the know.

Wed, 02/15/2012 - 17:16 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Gold price discovery - or at least the beginnings of it - in Euros to follow.  Here in Amerika however we are still living the illusion.

Wed, 02/15/2012 - 17:23 | Link to Comment green888
green888's picture

One in five say they will give up their cars if fuel prices rise, reports UK survey 

Wed, 02/15/2012 - 17:38 | Link to Comment ziggy59
ziggy59's picture

They may be giving up their cars to the repo guy before then. Unemployment is rising.. And pensions are not..

Wed, 02/15/2012 - 17:47 | Link to Comment smiler03
smiler03's picture

Surely that's a good thing? Not for me though, no car = local bus service = 1 hour to nowhere twice a day. Must buy BP must buy BP.

Wed, 02/15/2012 - 17:24 | Link to Comment max2205
max2205's picture

That's gonna hurt at the pump when the US converts to Euro's

Wed, 02/15/2012 - 17:26 | Link to Comment The Swedish Chef
The Swedish Chef's picture

Crude, bitchez!

Wed, 02/15/2012 - 17:57 | Link to Comment dcb
dcb's picture

the drhagi (sp) madeks the same mistake as th bernank, when things going wrong, flood the system with money, oil explodes, turn a recession into a depression with an oil cris. but the tranders can make money off of oil, so all is well!!

Wed, 02/15/2012 - 18:02 | Link to Comment Matt
Matt's picture

So, what is a good time / price / headline to exit BNO?

Wed, 02/15/2012 - 18:40 | Link to Comment Archon7
Archon7's picture

That trendline looks like it has some momentum.  The price of everything will continue to rise along with it.

Wed, 02/15/2012 - 18:54 | Link to Comment shuckster
shuckster's picture

But AAPL's making headway in China, Dow 20,000

Wed, 02/15/2012 - 19:20 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

Vehicle miles driven are down.

Brent and WTI are rising in price.

Dec 31, 2010 was the all time high yearly closing price of oil (and all time high decade closing price).

Dec 31, 2011 was AGAIN the all time high yearly closing price of oil.

And demand is down.

How do people not see that there is a systemic supply problem?

Wed, 02/15/2012 - 20:25 | Link to Comment Matt
Matt's picture

While i am certain that supply is declining, the flaw here is that PRICE != SUPPLY. Just because the price is increasing while consumption is dropping, does not PROVE that the SUPPLY or RATE OF PRODUCTION is falling. The data needed to prove declining supply is hidden; I.E. flow rate and pressure at Ghawar.

Also, there are numerous factors which impact oil prices with different weightings - logistics, geopolitical issues, refinery capacity and maintenance cycles, availability of credit, margin on oil futures, currency devaluation, etc.

Wed, 02/15/2012 - 20:34 | Link to Comment Cerin
Cerin's picture

http://peakoiltaskforce.net/wp-content/uploads/2010/02/final-report-uk-i...

 

Noteworthy bits: Opinion A by Chris Skrebowski starting on p. 15, and his chart data based on numerical Megaprojects data.

 

Thu, 02/16/2012 - 14:51 | Link to Comment Ben Probanke
Ben Probanke's picture

gasoline at the pump in europe already way above the 2008 highs

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