What that says is that even though crude oil prices are at near-record highs, gasoline prices are much higher than the crude oil prices would dictate.

We're long on autos, short on oil stocks.

Global demand has pushed oil prices to a new higher platform, and risks of serious supply disruption (Iran, Nigeria) are adding a premium to prices.

I'd be surprised if oil ticks much lower. Stocks are good, but you only have to have Iran start to threaten the loss of barrels. I expect the Iranians to take this to the wire.

There should be nothing scary in the oil inventories. It should show huge inventories or close to huge inventories. If you want to be scared about oil, you have to come up with something out of the Middle East or Africa, like the growing violence in Iraq.

For the yen it's much to do with oil prices. High oil prices are an unambiguous negative for all Asian currencies but the yen's sensitivity is historically high,