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Valero Energy (VLO) says it has secured U.S. government permission to ship up to 90K bbl/day of...
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Tuesday, March 12, 6:23 PM ETValero Energy (VLO) says it has secured U.S. government permission to ship up to 90K bbl/day of Texas crude to Canada, joining other companies receiving similar licenses in light of rising output. CEO Bill Klesse told analysts last week the U.S. Gulf Coast is increasingly “flooding” with U.S. output: “There’s so much oil, it’s got to be moving... We're going to take some to Quebec.”
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Maybe earnngs are slightly better, and maybe employment is slightly better, and maybe the disasters off the large banks balance sheets are helping, but at the end of the day, you show me three trillion dollars in zero cost moeny and i'll show you a good time.
The punch bowl can stay a LONG time, and the levitation can last a long time, but in the end, you remove the free money and things will find an appropriate 'natural' level.
That, folks, is what copper is telling us. And has been telling us throughout the last several months.
Copper dropped 4 years in a row from $1.4/lb to $0.6/lb between 1995 and 1999, S&P 500 went from 450 to 1300. It was one of the greatest bull market in history.
Before that, copper dropped from $0.8/lb to $0.6/lb between 1983 and 1987, S&P 500 went from 150 to 250, another great bull market.