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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 | 2163440 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 | 2163531 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 | 2163984 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 | 2163442 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 | 2163480 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 | 2163839 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 | 2163977 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 | 2164113 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 | 2163446 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 | 2163460 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 | 2163526 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 | 2163581 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 | 2163494 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 | 2163496 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 | 2163522 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 | 2163543 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 | 2164163 V in PA
V in PA's picture

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

Wed, 02/15/2012 - 17:29 | 2163559 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 | 2163575 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 | 2163798 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 | 2163873 johnQpublic
johnQpublic's picture

ding ding ding ding ding

we have a winner

endgame bitches

Wed, 02/15/2012 - 19:22 | 2163990 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 | 2163501 candyman
candyman's picture

 timely post for those in the know.

Wed, 02/15/2012 - 17:16 | 2163508 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 | 2163536 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 | 2163607 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 | 2163648 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 | 2163538 max2205
max2205's picture

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

Wed, 02/15/2012 - 17:26 | 2163546 The Swedish Chef
The Swedish Chef's picture

Crude, bitchez!

Wed, 02/15/2012 - 17:57 | 2163696 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 | 2163718 Matt
Matt's picture

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

Wed, 02/15/2012 - 18:40 | 2163854 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 | 2163909 shuckster
shuckster's picture

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

Wed, 02/15/2012 - 19:20 | 2163986 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 | 2164158 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 | 2164184 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 | 2166639 Ben Probanke
Ben Probanke's picture

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

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