Oil producers running out of storage space

NEW YORK – Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.

As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.

via Oil producers running out of storage space – Oil & energy- msnbc.com.

The $700 trillion elephant in the room

The $700 trillion elephant in the room – MarketWatch.

There’s a $700 trillion elephant in the room and it’s time we found out how much it really weighs on the economy.

Derivative contracts total about three-quarters of a quadrillion dollars in “notional” amounts, according to the Bank for International Settlements. These contracts are tallied in notional values because no one really can say how much they are worth.
But valuing them correctly is exactly what we should be doing because these comprise the viral disease that has infected the financial markets and the economies of the world.
Try as we might to salvage the residential real estate market, it’s at best worth $23 trillion in the U.S. We’re struggling to save the stock market, but that’s valued at less than $15 trillion. And we hope to keep the entire U.S. economy from collapsing, yet gross domestic product stands at $14.2 trillion.

Philips Wake-up Light – 17/365

Philips Wake-up Light, originally uploaded by :Duncan.

We just got a new alarm clock. It has a lamp that starts dim half an hour before the time you want to wake up and slowly gets brighter. This allows the body to wake up a little before the actual alarm time. For the sound, you can choose bird tweets, a soft alarm tone, some drumming, wind chimes, or radio. We have used the birds so far, and this morning, it took a few minutes until I realized they weren’t outside the window. The clock shines through the white of the lamp base.