Five new records ....
In six days, there is no question that oil is hot, hot, hot.
With crude at such lofty levels, the two ginormous refiners
of China are losing money like sieves. Squeezed between the
hard rock of global market price of crude and the hard place
of state controlled gas and diesel prices.
They lost tanker-loads of RMB, without any light in sight.
Separately, without much fanfare, the Euro made history last
night, it is the first to enter that much coveted elite club
of sweet sixteen club.
It is now USD 1.60 for one Euro .... :)
Regards,
Albert K. Fung
Casa Tres Palmas, Santa Ynez, California, USA.
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