Monday, October 06, 2008
And The Final Bell Has Tolled
Act 2 of the energy traders' apocalypse has opened with Brent Spot dropping to $85 and change. Crude inventories and refinery utilization in the US rebounding, and coal exports at Richards Bay still dropping. No support in sight.
All assets fall in coordination as money is withdrawn to cover other losses. Right now people are running to yen, but that is unsupportable.