Wrong Again

I sincerely thought the "Syrian peace dividend" would drive NYMEX down to $100, down from $100.

I see that midday it popped $1.30 to almost $110 again.

I don't have television so I don't know what the talking heads make of it, but for me, two things:

• weakening dollar (part of the "Syrian peace dividend")
• Saudi pumping at record levels to make up for loss of Libyan crude oil

There are folks who think Saudi can't pump at these record levels forever.

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By the way, speaking of Syria, I had to laugh out loud. In the background window I have The Los Angeles Times open. The screen automatically refreshed to this story with a huge photo of gaffer-in-chief: Kerry arrives for talks with Russia on Syria.

I see it is raining in Geneva.

But I digress.

As soon as I saw the headline with Russia in it, and then saw a picture of "Lurch," all I could think of was "rope-a-dope."

I know I should take this more seriously, but I honestly cannot help myself. I imagine the folks in the Kremlin are thinking the same thing.

And the White House? Scared silly that Kerry will come up with something else just as stupid as his reply to a hypothetical.

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Following the first meeting, we're back to "ought to be," as in "there ought to be consequences." But no "red line." I suppose the Russian reply: "there ought to be a lot of things. But that doesn't mean it's going to happen."