Monthly Archives: May 2011
Build in Gasoline Inventories Created by Demand Destruction
“(Reuters) – Oil fell across the board on Wednesday, led by a 6 percent fall in New York gasoline futures prices, as U.S. oil data showed an unexpected rise in stocks of the auto fuel and a sharp rise increase in crude inventories.
U.S. crude slipped more than $3 following the release of the U.S. Energy Information Administration data and it was trading $2.51 lower at $101.37 a barrel by 1509 GMT.
ICE Brent crude futures were $2.34 lower at $115.22, having topped $118 earlier.
New York RBOB gasoline fell by more than 7 percent by the same time, while New York heating and ICE gasoil were about 1 percent lower.
U.S. crude oil stocks rose 3.78 million barrels in the week to May 6, much higher than the 1.4 million barrel build forecast, the report showed.
Gasoline stocks rose 1.28 million barrels versus a forecast for a 200,000 barrel drop, halting the drawdown in the previous 11 weeks.”
Comments »Crack Spreads Are Getting Poleaxed
Spreads are down 10%+ to $29.25, led lower by the sharp move lower in gasoline.
Comments »Today’s ETF Winners
No. Ticker % Change
1 ZSL 8.14
2 ERY 6.48
3 ONG 5.41
4 SCO 4.64
5 EDZ 4.54
6 DUG 4.42
7 DTO 3.59
8 TVIX 3.42
9 SMN 3.38
10 DPK 3.20
11 EEV 3.14
12 EWV 3.02
13 TZA 2.68
14 SRTY 2.60
15 DUST 2.40
16 UPW 2.27
17 DRV 2.27
18 FXP 2.23
19 UVG 2.10
20 TPZ 1.95
Doug Kass: the long climb up from the March 2009 stock-market low is getting “long in the tooth.”
“Doug Kass, the Palm Beach money manager who is best known for taking bearish positions, says the long climb up from the March 2009 stock-market low is getting “long in the tooth.” He says it’s time to sell the rallies and prepare for a downdraft.
“At best, the upside to equities seems restricted, and at worst, we could see apocalypse soon as the outlooks for both the economy and for corporate profits grow more ambiguous,” he writes on the TheStreet.com…. ”
Comments »Mississippi Floods Worst Since 1937 (video)
[youtube:http://www.youtube.com/watch?v=7bRkQkPLnsM 616 500]
Comments »No Need to Worry Over Hyperinflation
“I’ve explained now at some length (here,here, and here) why the US is more likely to suffer through years of deflation and slow growth than hyperinflation.
The basic reason: hyperinflation requires a choice by monetary policy makers to debase the currency. Our monetary policy is controlled by an undemocratic institution that appears to mainly respond to the policy needs of bankers rather than the general public. Hyperinflation is not in the interest of bankers, so we probably won’t get it.”
Comments »Gaming Companies Face Loss of Revenues From the Flooding of the Mississippi
Off the top of my head is Harrah’s Isle of Capri….but you’ll have to do some research
Comments »Banks Offer $5 Billion to States For Robo Signing Case
“(Reuters) – Major banks are willing to pay as much as $5 billion to settle claims by federal and state officials of improper mortgage foreclosure practices, the Wall Street Journal reported, citing people familiar with the situation.
The banks’ offer comes as mortgage companies and state and federal officials continue their efforts to strike a settlement of investigations sparked by allegations of “robo-signing” and other questionable foreclosure practices that came to light last fall, the Journal said.
The banks intend to propose that as much as $5 billion be used to compensate any borrowers previously wronged in the foreclosure process and provide transition assistance for borrowers who are ousted from their homes, the WSJ said, citing people familiar with the matter.
(Reporting by Sakthi Prasad in Bangalore; Editing by Ramya Venugopal)”
Comments »“Tear Down the Wall”
It’s All About the D
don’t listen to the 400 unit daily dose….
“Insufficient levels of vitamin D at the time of birth are associated with a higher risk of developing infantile Lung Infections, a new study suggests.
The findings showed that most of the children who developed a lower respiratory tract infection secondary to respiratory syncytial virus (RSV) had lower levels of vitamin D at birth. ”
Full article
3 Million Acres Will be Under Water
An area the size of Connecticut may be flooded, should the Mississippi river overflow.
Comments »Violence is Coming to the Kingdom
Okay maybe not yet, and hopefully never since violence sucks, but this is usually how it starts before the homeland is under attack…..
Not to mention all the sectarian tension…..
“Pakistani security officials say unidentified attackers have thrown two hand grenades at Saudi Arabia’s consulate in the southern port city of Karachi.”
No Fracking Way: A Magician Would Be Proud
Steve Forbes: The U.S. Could Return to a Gold Standard Over the Next Five Years
If we did return to a gold standard would gold be confiscated, devalued, or valued higher to relieve debt ?
Comments »Krugman: “The policies that got us into this mess weren’t responses to public demand.”
“The economic problems we’re experiencing now stem from public policy, not average Americans, says economist Paul Krugman.
“What we’re experiencing right now is a top-down disaster,” Krugman writes in The New York Times. “The policies that got us into this mess weren’t responses to public demand.”
“They were, with few exceptions, policies championed by small groups of influential people — in many cases, the same people now lecturing the rest of us on the need to get serious.”
Read more: Paul Krugman: Disaster Begins at the Top
Comments »Your Tax Dollars at Work
This is not including office equipment, cars, trucks, vans, buses, and other heavy machinery….
Comments »Mondo Cane
“In the United States, when world wheat prices rise by 75 percent, as they have over the last year, it means the difference between a $2 loaf of bread and a loaf costing maybe $2.10. If, however, you live in New Delhi, those skyrocketing costs really matter: A doubling in the world price of wheat actually means that the wheat you carry home from the market to hand-grind into flour for chapatis costs twice as much. And the same is true with rice. If the world price of rice doubles, so does the price of rice in your neighborhood market in Jakarta. And so does the cost of the bowl of boiled rice on an Indonesian family’s dinner table.”
Comments »More on Intel’s 3.6% Yield
Flash: Intel announces 16 percent increase in quarterly cash dividend
Co announces that its board of directors has approved a 16 percent increase in the quarterly cash dividend to 21 cents per share (84 cents per share on an annual basis), beginning with the dividend that will be declared in the third quarter of 2011.
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