Tuesday, June 07, 2005

Last Contango in Paris.

Oil futures in contango.

Heating oil more expensive than gasoline in June.

Oil companies starting to increasing spending on exploration, finally. (Conversely, this may indicate they believe prices are going to remain high.)

Whiffs of demand destruction?

Russian oil production stagnating? [WSJ-$] (Russian output has apparently jumped 50% since 1999, the single largest source of new oil on the market.)

The puzzle of the yield curve.

Augustus Greenspan on the long term rate puzzler.

"We've never run into anything like this before," Greenspan said at an American Bankers Association conference in Beijing Tuesday.

In his remarks, Greenspan dismissed the four leading Wall Street theories of why global long-term interest rates are so low.

"The economic and financial world is changing in ways that we still do not fully comprehend," Greenspan said.

Something's afoot. Augustus, pay attention my boy!