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0 Oct 8 2010 @ 10:45am by Matt Smith in Capital Markets, Crude Oil, Global Energy, Natural Gas

Burrito Bites

Some weeks are slow for finding articles, yet other weeks there seems to be a whole bunch of funny and/or interesting stories from which to choose from (which is great). So I hope you enjoy these as much as I enjoyed picking ’em. Talking of picking things, whoa; you’ll be needing a bigger wheelbarrow:

This first full week of October has not disappointed by being full of twists, turns, and tumbles. Crude partied hard for the first part of the week to five-month highs, before running out of steam and slumping into the couch before – hang on – having a red bull and re-surging into this week’s curtain close. Natural gas on the other hand, attacked the prompt month low for the year with pinpoint accuracy  on Thursday (to the third decimal point), finally breaking lower to $3.58 early on Friday (the forward curve has diverged higher instead). As all good weeks should, we have finished on a high note as Nonfarm Friday has once again mixed up markets better than a blender. Hark, snack attacks:

–Natural gas price seen as too low to sustain production.

Exporting shale gas could keep shale producers in business.

–Weird air travel stories. (loved this).

head in the clouds

The Gas Cartel: on the road to another Opec?

–Can natural gas keep China from destroying the world?

–NFL income inequality.

–UK natural gas to fall from double US price on Qatar.

Lady Gaga is more powerful than Nancy Pelosi.

–A high-risk energy boom across the US.

–Strategy around hitting up a buffet at a function.

–Paris oil drillers target 100 billion barrels near brie, wine. (Careful!!!).

–Think you are having a bad day? Woman mistakenly uses glue for eye drops.

–US could save millions of barrels of oil by cutting food waste.

–UFO closes Chinese airport. (pesky aliens).

I’m really sorry, Natty, but your price action this week means there is no way you can avoid receiving The Burnt Burrito Award of the week. You have been burned, toasted and smoked to a new prompt month low for the year at $3.583. What a week.

The Burrito Deluxe Award of the week goes to crude, for hitting 5-month highs.  

The Burrito Headfake of the Week goes to the Nonfarm payroll data this morning, which showed the unemployment rate falling from 9.7% to 9.6%, despite the loss of 95,000 jobs (the labor force is not growing). The most worrying number is the underemployment rate, which is back up to 17.1%; a year ago I discussed this worrying rate here – and it still hasn’t made headway. Eek. 

Burrito Odd-turned-funny Story of the WeekCigar guy.

Have a restful and recharging weekend!

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