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2 Aug 27 2010 @ 10:50am by Matt Smith in Biofuels, Capital Markets, Crude Oil, Economy, Global Energy, Natural Gas

Burrito Bites

Here’s the deal; weakening economic data has been unrelentingly pitched at us this week. Few have hit the mark, while many have dealt body blows. And some have just been a slap to the face. So let’s leave these misses, and hit some snacks:  

–How much oil from the spill is still in the Gulf?

–Natural gas futures premium is at its lowest in seven years

–Nasty people have a higher risk of heart attacks and strokes.

Do cities attract hurricanes?

–Renewables increased 8.3% last year in Europe, coal consumption down 16.3%.

–Flow diagram of US energy use.

–Top ten most tattooed cities in the US.

–Factbox about biofuels in Brazil.

30 new coal-fired plants have been built in the US since 2008.

–Grannies knit smart car cosy.

–New microbe discovered eating oil spill in Gulf (h/t LB/NG).

–11 Green inventions that go too far.

–Fat-fingered Sumo Wrestlers unable to use cell phones.  

–Europe’s brisk energy transition.

–Great piece from the Economist on the outlooks for China and India.

–Chinese traffic jam has lasted nearly 2 weeks, spans 100km – and spurs price gouging.

The Burrito Deluxe Award of the week goes to the heating oil crack spread. This has rallied to a two-month high at $11.50, as higher future prices and Latin American demand has encouraged US refiners to increase output. (The crack spread = the profitability of turning a barrel of oil into heating oil. Calculation = the price of 42 gallons of heating oil minus the price of one barrel of oil).

The Burnt Burrito Award of the week goes to US natural gas, which has made a prompt month low for the year.

Burrito Headline of the Week: Police catch man in bush with socks on his hands.

I hate to go all naysayer-doomsayer-debbie downer on you, but this cannot be good. The Burrito Worry of the Week goes to the housing market. There is now 12.5 months of supply on the market. Even if  you think the economy is not double-dipping, you have to be delusional to think that the housing market isn’t. There were 11 million properties in negative equity in Q2 this year, not one house sold for above $750k across the entire US last month, and existing home sales hit their lowest level since 1996. All rather foreboding for the economic picture.

And finally! Last week’s caption competition was won by Kevin. A giftcard will be winging its way to you – have a burrito on the burrito!  Thanks to all for playing – Ginny, you are nuts.

Have a grandiose weekend!

2 Comments on this post:

  1. Ginny says:

    Matt, you say that like it’s a bad thing.

  2. Matt Smith says:

    Not at all, Ginny, not at all. The world would be a duller place without you. (and also less nutty).

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