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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CvlDobd's picture

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

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!!!

SheepDog-One's picture

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

Arkaenun's picture

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

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?

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.

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?

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.

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.

 

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

 

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.

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.

Dick Darlington's picture

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

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.

drink or die's picture

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

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...

V in PA's picture

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

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.

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 

whaleoil's picture

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

johnQpublic's picture

ding ding ding ding ding

we have a winner

endgame bitches

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.

candyman's picture

 timely post for those in the know.

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.

green888's picture

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

ziggy59's picture

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

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.

max2205's picture

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

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!!

Matt's picture

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

Archon7's picture

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

shuckster's picture

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

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?

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.

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.

 

Ben Probanke's picture

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