... and now Energy?
Speaking of excess liquidity.....
Thurgy: Morgan Stanley and Citigroup did this in January, Goldman recently and now JPM. Petro in storage is at a 25 year high and floating storage is at an all-time high. When America looks up from watching Dancing With the Stars and sees the price of gas going up they just think it's Exxon ripping them off again. Hey, but Obama put money in 95% of working American's paycheck! Now you can fill up your gas tank with the extra money that will be sent overseas (after miniscule state/federal taxes). Who knows, maybe you just filled up your tank with some 93 Octane Goldman Sachs Petro, courtesy of your TARP dollars...Anyway, sooner or later this supply has to hit the market. If the dollar gets repatriated (read: Eurozone takes a digger) they might want to consider looking to extend the leases on those supertankers.June 3 (Bloomberg) -- JPMorgan Chase & Co., the second- largest U.S. bank by deposits, hired a newly built supertanker to store heating oil off Malta, shipbrokers reported, in the company’s first such booking in at least five years.
The bank hired the Front Queen for nine months, according to daily reports from Oslo-based SeaLeague A/S and Athens-based Optima Shipbrokers Ltd. David Wells, a spokesman for JPMorgan in London, declined to comment.
[Update 6/4/09] Let me get this straight. Goldman leases a supertanker to store oil. They then recommend people short PBR puts. Now they come out today saying oil could reach $85. Wtf?
