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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Top Events/Earnings Calendar
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News and Views
Crude oil rose for a second day after a platform owned by Mariner Energy in the Gulf Of Mexico was struck by an explosion, bolsting concern that regulations will reduce output in the region.Carl Larry, predident of Oil Outlooks and Opinions in Houston says"It's clear that the government now has the ammunition to move ahead with a drilling moratorium. There will be higher costs and a slowdown in production from the Gulf."
U.S. natural gas futures ended lower on Thursday, as milder weather forecasts and a lack of storm threats to the Gulf Coast output added pressure despite rising tropical activity and neutral to slight supportive inventory data.
This morning crude oil is lower ahead of U.S. employment data. Also concerns of Hurricane Earl causing disruptions to refineries and demand during the Labor Day long weekend. Although Hurricane Earl presents a potential threat to petroleum refineries and seaports, current relatively high inventory levels for most petroleum products should lesson concerns about possible outages.
Macro/Technicals
XLE : 53.55; .83%UTY : 419.93; -.28%
OIH: 102.87; +.51%
TAN: 7.73; 2.25%
AMJ: 32.58; +.76%
BIDY: 705; -.42%
BDIY: 2835; 3.43%
Leaders: ASTI +13.62%, AHD +10.02%, PNRG +9.1%, FTK +8.39%, GLBL +7.32%
Laggards: STRI -5.36%, ONAV -5.21%, PHX -4.29%, ENP -3.55%, HERO-2.25%
Active Names
Oil & Gas: APC, CHK, CKH, COP, DVR, ESV, FTK, FTO, GLBL, GMXR, HLX, HOC, NOA, NOV, OKE, PNM, RIG, ROSE, SGY, TSO, XOM
Shipping: EXM
Alt Energy: CVA, NEE
Utilities: AEP, CNP, ETR, EXC, GXP, PEG, POR
Sector News, M&A, Capital Raises
Gulf Rig Fire Out; Coast Guard Backpedals on Oil Sheen – CNBC link
Blaze in Gulf Shakes Oil Industry – WSJ link
The fire that engulfed an oil and gas platform in the Gulf of Mexico heightened pressure on the energy industry, which is battling greater regulation and a deep-water drilling ban
BP warns barring it from drilling would put spill payments at risk
BP has told Congress that it might be unable to pay for all of the damage caused by its oil spill in the Gulf of Mexico if the company is banned from offshore drilling in the U.S. Work on restoring the Gulf states, for which BP has been asked for voluntary financial support, also would be in doubt, the company said. BP has signaled reluctance to pay more than required if it is shut out of the Gulf, which accounts for 11% of its worldwide production. The New York Times (free registration) (02 Sep.) , The Sun Herald (Biloxi-Gulfport, Miss.) (02 Sep.) , St. Tammany News (La.) (03 Sep.)
SWWC Southwest Water merger to close on 13-Sept. ($10.98)
Shareholders approved the agreement to be acquired for $11/share on 6-Aug with regulatory approval received on 30-Jul.
WLT Walter Energy guides 2010 coking coal sales to 7.2M-7.5M tons vs prior 7.7M-7.9M tons
PTEN Patterson-UTI reports drilling activity for Aug ($15.49)
Company had an average of 180 drilling rigs operating, including 171 rigs in the United States and 9 rigs in Canada. For the two months ended August 2010, the company had an average of 176 drilling rigs operating, including 168 rigs in the United States and 8 rigs in Canada.
SRE California Public Utilities Commission approves 100 MW solar-power initiative from San Diego Gas & Electric ($53.44)
Under the initiative, 26 MW of utility-owned photovoltaic solar-energy generation would be slated for construction on existing SDG&E property, with another 74 MW to be purchased from independent power producers. The program calls for SDG&E to install and procure renewable solar power using projects primarily in the one to two megawatt range and also provides for PV solar installations ranging from less than a megawatt up to 5 MW. In addition to developing its own local solar projects, SDG&E will solicit power purchase agreements for solar power at other sites in the region.
Research Away
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Cantor Research
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Top Events/Earnings Calendar
post-mkt OCNF earnings (confirmed)call at: 08:30, 06-Sep-10 866.819.7111 pw:OceanFreight,
Cantor Flows
With the volitility in the energy sector yesterday caused by the Mariner Explosion we saw a lot of activity in the drillers. We were weighted to the buyside and saw both pension funds and hedgefunds active. We also saw accounts buy ME on weekness, especially Arb acoounts.
TSO, FTK, CNP, EXM, GMXR, APC, FTO, GLBL, POR, CVA, DVR, NOV, SGY, CHK, APC