Energy/Shipping
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News and Views
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Macro/Technicals
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Active Names
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Sector News, M&A, Capital Raises
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Research Away
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Cantor Research
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Top Events/Earnings Calendar
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Cantor Flows
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News and Views
Gasoline sank to its first monthly loss since May on speculation supply is adequate to meet falling demand as the end of peak driving season approaches. Crude was steady below $72 after tumbling 3.7 percent the prvious day on signs U.S. stockpiles rose further last week and prospects for bad weather to suppress gasoline demand at the end of driving season. Oil fell more than $7 and almost 9 percent in August, the biggest monthly percentage loss since May.
U.S natural gas futures ended with slim gains on Tuesday as concerns about rising tropical and hotter weather this week lifted prices despite adequate supplies and no immediate storm threats to the gulf.
Look for a rebound in crude oil this morning with a declining doller and advancing equity markets which have tempered concerns that the us fuel supplies are excessive.
Macro/Technicals
XLE: 51.2; -0.27%UTY: 412.48; +0.49%
OIH: 97.35; -1.44%
TAN: 7.29; +1.82%
AMJ: 31.84; -.19%
BIDY: 715; -1.24%
BDIY: 2713; +0.04%
SEA: 25.65; -0.12%
Leaders: ENER +13.32, ULTR +5.65, ONAV +4.96%, XTXI +4.96%, SII +4.52%
Laggards: : ERII -5.22%, MHR -4.93%, HLX -4.71%, CPNO -3.87%, COMV -3.35%
Active Names
Oil & Gas: CAK, CHK, CVI, DNR, END, FTK, FUL, MIND, NOA, RGNC, ROSE, WFT
Shipping: ALEX, DSX
Sector News, M&A, Capital Raises
John Fredriksen Says Rig Rates May Surprise on the Upside
Norwegian billionaire John Fredriksen, the founder of offshore oil-rig company Seadrill Ltd., said he expected rig rates to “surprise on the upside” and that Seadrill would benefit from the stricter regulations that were likely to be introduced in the aftermath of the Macondo oil spill in the Gulf of Mexico - BBG
API reports crude inventories +4.77M vs. Reuters +1.1M; distillate inventories (1.86M) vs. Reuters +1.2M; gasoline inventories (589K) vs. Reuters (200K)
PCX Patriot Coal announces adverse court ruling
EPD Enterprise Products to provide crude oil and natural gas midstream services for EOG Resources (EOG) in the Eagle Ford Shale ($36.97)
Enterprise announced that its operating subsidiaries have entered into long-term agreements with EOG to provide a package of midstream energy services that will service EOG's crude oil and associated liquids-rich natural gas production in the Eagle Ford Shale in South Texas.
TK, TOO - Teekay Offshore Operating LP, a subsidiary of TK and TOO, signed an agreement with Statoil
PRESS RELEASE: Teekay Corporation Announces Signing of Shuttle Tanker Contracts and Offer to Sell One FPSO and Three Shuttle Tankers to Teekay Offshore Partners
AES AES Corp wants to invest in Bihar, India - PTI ($10.24)
A government official tells PTI that AES has submitted a proposal to the State Industrial Promotion Board to invest INR80B ($1.71B) to set up a thermal power plant at Jagidishpur. The proposal offers the state the first right to buy 25% of the power from the plant at regulated prices
CSIQ Canadian Solar and Blue-Tech Solar complete four installations in Northern Italy ($11.75)
The company's announced the completion of four new solar projects in Northern Italy, two residential rooftop installations in Sirmione (BS) and Cremona (CR), and two industrial plants, both in the Municipality of Siziano (PV).
LDK LDK Solar files suit against Canadian Solar (CSIQ) for breach of contract ($6.81)
LDK Solar announced the filing of an objection for an Arbitration before the China International Economic and Trade Arbitration Commission (CIETAC) against Canadian Solar to demand compensation due to the breach of a take-or-pay supply agreement signed by the two companies and the illegal termination of the agreement.
WRES Warren Resources announces settlement agreement ($3.08)
On August 26, 2010 WRES's Warren E&P unit entered into a Settlement agreement, Release, and Purchase & Sale agreement with NorAm Drilling Company and its parent companies Global Rig Company ASA. The agreement provided for the sale, transfer and conveyance by Global/NorAm to Warren E&P of an all electric, sound proofed oil and gas well drilling rig as well as a full and complete settlement and release of all claims between the parties. Warren E&P will be moving the Drilling Rig to its Wilmington, California oil properties
Research Away
HSBC
HSBC upgrades ACI, MEE
Arch Coal (ACI) upgraded to overweight from neutral
Massey Energy (MEE) upgraded to overweight from neutral
Cantor Research
None
Top Events/Earnings Calendar
FRO, GLF, GLNG, HAL.GY, HERO, IOC, PDE, RDC, SFL, TDW, TK, VTG Pareto Securities' Oil and Offshore Conference
FCEL earnings (confirmed)call at: 10:00, 02-Sep-10 877.303.7005 pw:FuelCell Energy, webcast
Cantor Flows
We were once against weighted to the sellside yesterday seeing institutional and hedgefund selling in the drilling names. We continued to be active in the MLP group.
FTK, CHK, RGNC, DNR, FUL, END, ALEX