Tag Archives: WTI

Business, Finance, Occupation & Industry

Refiners Were the Market's Winners Today

April 4, 2013 Bartle Doo Leave a comment

Oil prices were on the move today after a weaker-than-expected unemployment report stoked fears of a slowdown in the U.S. economy. At 5:00 pm EDT on Thursday, Brent crude was down 0.62%, to $106.31, and WTI crude was down 1.26%, to $93.35. U.S. natural gas was up 1.49%, to $3.96.

Today’s oil and gas stocks leaders were all refiners. Last Friday, the EPA announced new rules for gasoline that include a 67% reduction in sulfur in an effort to improve air quality. On Tuesday, the sector was crushed after a spokesman for Valero said the company expected the new EPA rules for gasoline would cost it $300-$400 million over the next few years. That announcement sent the stock down 6% on Tuesday, and the sector as a whole fell with it. The decline continued yesterday, as the market was also down.

VLO data by YCharts

Today, refiners as a whole were up as investors took advantage of the drops in prices.

Among companies with over a $1 billion market cap, today’s oil and gas stocks leader was Alon USA Energy , up 4.95% to $17.16. During the refiners’ drop on Tuesday and Wednesday, Alon dropped 12.89%. Despite the comeback today, the stock is still down 8.6% from where it was before the plunge. Alon USA owns refineries in Louisiana and California, 11 asphalt terminals, as well as 300 7-11 retail locations. The company has been profiting heavily from the massive price difference between WTI and Brent crude. In November of 2012, the company IPO’d its Big Springs refinery as a master limited partnership, Alon USA Partners LP, the proceeds of which Alon used to pay down debt.

Second among oil and gas stocks today was Delek U.S. Holdings up 4.78%, to $37.28. During the refiners’ drop on Tuesday and Wednesday, Delek dropped 9.88%. Despite the comeback today, the stock is still down 5.6% from where it was before the plunge. The company owns two refineries in Texas, terminals throughout Texas, Arkansas, and Tennessee, and retail stores throughout Tennessee, Alabama, and Georgia.

Third among oil and gas stocks today was Western Refining up 4.14%, to $32.43. During the refiners’ drop on Tuesday and Wednesday, Delek dropped 11%. Despite the comeback today, the stock is still down 7.32% from where it was before the plunge. Last month, after crushing its earnings, Western Refining announced they were considering launching a master limited partnership for some of their midstream assets. MLP spinoffs have been a hot topic the past year as more and more companies take advantage of investors’ hunt for yield, and the tax savings MLPs offer. Fool senior analyst Jim Mueller added to his holdings of Western Refining in February at prices slightly higher than today — find out why by reading his pitch here.

Foolish bottom line

It’s easy to forget the necessity of midstream operators that seamlessly transport oil and gas throughout the United …read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Exxon's Not So Minor Oil Spill

April 3, 2013 Bartle Doo Leave a comment

By Arjun Sreekumar, The Motley Fool

Filed under: Investing

In the energy industry, oil spills are more common than one might think. Though media attention tends to focus primarily on the most devastating ones, smaller ones do happen from time to time, despite the industry’s renewed focus on safety measures since the infamous BP Deepwater Horizon incident – the worst accidental oil spill in history.

Just ask ExxonMobil .

ExxonMobil pipeline ruptures
On March 29, ExxonMobil’s 940-mile Pegasus crude oil pipeline ruptured near Mayflower, Ark. – a town some 25 miles northwest of Little Rock. According to the Mayflower Incident Unified Command Joint Information Center, the spill has been classified as a major one by the U.S. Environmental Protection Agency.

The pipeline, which starts in Patoka, Ill., transports some 95,000 barrels per day of mainly heavy Canadian crude oil to a terminal in Nederland, Texas, that is operated by Sunoco Logistics, now part of Energy Transfer Partners . Exxon reversed the line’s flow in 2006 in order to transport crude to the Gulf Coast refining hub.

Pegasus, which is 20 inches in diameter, serves refineries in the Port Arthur and Beaumont regions. According to Bloomberg, there are four major plants near Nederland – operated by Exxon, Valero , Total, and Motiva Enterprises – that are capable of processing some 1.4 million barrels of crude a day.

At the time it ruptured, the line was transporting Wabasca Heavy Crude from western Canada. Wabasca Heavy is a blend of heavy crude oil produced in Alberta’s oil sands by Cenovus Energy, Canadian Natural Resources , and Suncor Energy. Due to its physical qualities, it is in high demand by U.S. Gulf Coast refiners.

Effect on benchmark crude prices
The line’s temporary closure, which will reduce the supply of crude from western Canada and the U.S. Midwest, is likely to worsen the glut of oil in those regions. Due to limited transportation options, crude oil in those two regions has been trading at a substantial discount to the global crude oil benchmark, Brent.

In fact, Western Canada Select (WCS) – the benchmark for western Canadian crude – had been trading at a discount more than $30 even to West Texas Intermediate (WTI) – the primarily U.S. crude oil benchmark – until very recently, due to severe limitations in outbound pipeline capacity from Alberta.

WTI‘s discount to Brent, which narrowed to its lowest level since July on March 28, increased to $14.01 on Monday, as WTI fell $1.22. Meanwhile, WCS slipped by $0.65 a barrel on Monday and was trading at a roughly $15 discount to WTI toward the end of the day.

Exxon’s response
Exxon is currently under way with an excavation and removal plan for the damaged portion of the pipeline. In an announcement yesterday, the company said it gathered roughly 12,000 barrels of oil and water from the spill.

It also reportedly deployed fifteen vacuum trucks and 33 storage tanks to the area where the spill occurred. According to a statement by …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

These 3 Energy Stocks Trounced the Market Today

April 3, 2013 Bartle Doo Leave a comment

By Dan Dzombak, The Motley Fool

Filed under: Investing

Markets and energy prices were on the move today as fear rose over the economy after a weaker-than-expected private-sector jobs report. At 5:00 pm ET on Wednesday, the VIX was up 11.19%, Brent crude was down 3.04% to $107.32, and WTI crude was down 2.71% to $94.53. U.S. natural gas was up 1.61% to $3.90.

Today’s energy-stock leaders
Among U.S. companies with market caps greater than $500 million, today’s energy-stocks leader was Magnum Hunter Resources , up 3.15% to $3.93. Magnum was up more than 10% this morning, after the company announced an asset sale of its Eagle Ford Shale assets to Penn Virginia for $401 million. The assets include 19,000 net acres with 49 producing wells, seven wells drilled, and four currently being drilled. For March, the average daily production was 3,000 barrels of oil equivalent per day. Magnum plans on using the cash from the sale to pay down debt, which as of Sept. 30 stood at $680 million. The company is late in reporting its annual result for the year ended Dec. 31, after it identified material weaknesses in its internal controls. Investors should be wary of investing in a company that’s late in filing.

Second among energy stocks today was Arch Coal up 2.42% to $5.08, while in third was Peabody Energy , up 1.15% to $20.15. Coal stocks been crushed as environmental regulations pushed up the price of running coal plants and cheap natural gas provided an easy and cheaper alternative for power producers. Natural gas has taken significant market share in the U.S. power markets, and coal demand and prices have fallen as a result.

Weaker companies haven’t survived, with Patriot Coal, for one, going into bankruptcy. The company was spun off from Peabody Energy in 2007 and has been weighed down by $1.6 billion in retiree health benefits. As part of the spinoff, Peabody agreed to cover certain health-care costs for former Peabody employees. Patriot is suing Peabody to make sure that Peabody “does not attempt to use Patriot’s bankruptcy to escape Peabody’s own health care obligations to certain retirees.” Peabody argues that if Patriot’s obligations are lessened; then its own obligations are also lessened. Yesterday, Patriot asked the bankruptcy court to cap life insurance benefits and health-care coverage for its retirees. The company has 4,000 employees and 8,100 retirees.

Foolish bottom line
The coal industry in the United States has been in a state of flux since the arrival of a cheaper alternative for energy production: natural gas. Exports are becoming a much bigger part of the domestic coal landscape, and Peabody Energy has deals in place to get its cheaper coal from the Powder River and Illinois basins to India, China, and the EU. For investors looking to capitalize on a rebound in the U.S. coal market, The Motley Fool has authored a special new premium report detailing exactly why Peabody Energy is perhaps …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Exxon's Pipeline Spill Could Cost Investors

April 1, 2013 Bartle Doo Leave a comment

By Joel South and Taylor Muckerman, The Motley Fool

Filed under: Investing

ExxonMobil‘s recent oil spill from its Pegasus crude pipeline in Mayflower, Ark., could cost investors in a number of industries. The White House Council on Environmental Quality is expected to release new standards this spring that could make LNG exportations and pipeline project approval more difficult, and with an estimated 12,000 barrels of oil flooding neighborhoods in Arkansas, the federal government will take a closer look at possible environmental regulations.

TransCanda‘s Keystone XL pipeline will be the first big project that could feel the ramifications from this recent spill. However, investors in Canadian oil-sands producers, such as Suncor Energy , could also be affected as the discount in Western Canadian Select crude benchmark could widen to WTI prices. With $38 billion in North American pipeline projects expected this year, a more stringent approval process will add significant headwinds to the energy midstream space.

For more details, check out the following video.

There are many different ways to play the energy sector, and The Motley Fool’s analysts have uncovered an under-the-radar company that’s dominating its industry. This company is a leading provider of equipment and components used in drilling and production operations and is poised to profit in a big way from it. To get the name and detailed analysis of this company that will prosper for years to come, check out the special free report: “The Only Energy Stock You’ll Ever Need.” Don’t miss out on this limited-time offer and your opportunity to discover this company before the market does. Click here to access your report — it’s totally free.

The article Exxon’s Pipeline Spill Could Cost Investors originally appeared on Fool.com.

Joel South, Taylor Muckerman, and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don’t all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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if (obj.addEventListener){
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…read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

This Week's Best and Worst Energy Stocks

March 23, 2013 Bartle Doo Leave a comment

By Dan Dzombak, The Motley Fool

Filed under: Investing

Oil prices were on the move this week as fear rose that the events in Cyprus would damage the European economy. For the week, Brent crude was down 1.14% to $107.66 and WTI crude was up 1.5% to $93.71. U.S. natural gas was up 1% to $3.93.

This week’s best two energy stocks
This week’s energy-stocks leader was Nordic American Tankers , up 18.2% to $11.15. While the stock had a one-month gain of 24.2%, it’s down 27% over the past 12 months. On Wednesday, the company announced that it had entered into an agreement to acquire a double-hull Suezmax tanker, its 21st ship, for $55 million. Shipping tanker companies were hammered the past five years as high rates caused a boom in shipbuilding, leading to a massive oversupply and a precipitous decline in dayrates. While Nordic American still continues to post losses, the company is in a good position if rates rebound, and Wednesday’s acquisition shows that management is confident in the future.

Second among oil and gas stocks today was Abraxas Petroleum, up 11.7% to $3.11. The exploration and production company reported 2012 earnings and an operational update last Friday. While the fourth-quarter results were mixed, CEO Bob Watson reiterated management’s guidance for 2013: “Strong production volumes in February and early March, along with incremental well performance and the efficiency gains in the Eagle Ford, give us confidence in our 2013 guidance of 4,900-5,200 boepd on a $70 million capex budget.”

This week’s worst energy stock
The worst performer on the week was Harvest Natural Resources , down 34.5% to $3.71. On Tuesday, Harvest filed with the SEC a notice that it will file its annual report late because of certain errors in its financial statements and said it will have to “revise and possibly restate its financial statements for certain periods in 2010, 2011, and 2012.” The company also said it expects a net loss of approximately $9.6 million, or $0.26 per diluted share. Scariest of all, the company announced that when it does file its annual report, “our auditors have informed us that their opinion will include a going concern qualification.” In layman’s terms, the auditors are going to include a warning that the company is not in a condition to continue operating for the following year. While Harvest Natural Resources has significant assets, with everything going on in Venezuela, it remains to be seen if they will ever be able to sell them.

Big news
There were a few big pieces of news in the U.S. energy space this week.

Schlumberger reported weaker-than-expected drilling activity in the U.S. during the first quarter. The news was further confirmed on Friday as the Baker Hughes rig count fell for the third time in the past month, now down to 1,746, 11.2% less than at the same time last year.

On Tuesday, Hess announced that it had sold 43,000 acres in South Texas for $265 million to …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Today's Top 3 Energy Stocks

March 22, 2013 Bartle Doo Leave a comment

By Dan Dzombak, The Motley Fool

Filed under: Investing

Oil prices were on the move today as the market overlooked the threat of Cyprus to Europe. At 4 p.m. on Tuesday, Brent crude was up 0.12% to $107.61 and WTI crude was up 1.51% to $93.84. U.S. natural gas was up 0.03% to $3.94.

Today’s top 3 energy stocks
Among companies with market caps greater than $1 billion, today’s energy stocks leader was Walter Energy , which was up 3.51% to $29.45. Walter Energy is a pure-play metallurgical coal producer with mines around the U.S. and Canada.

Today, Walter Energy announced a $350 million private placement of debt due 2021, $250 million of which will go toward paying down debt. Walter Energy and other coal producers have been hit hard the past two years as low natural gas prices caused natural gas to steal market share from coal among utility companies. The company’s stock has also been beaten down as investors fret over a high $2.4 billion debt load.

This past year, the company has faced criticism and a proxy challenge from Audley Capital, which is looking to replace five members of Walter Energy’s board at the company’s annual meeting next month. On March 11, the current board laid out its case in a letter to shareholders and said they are “intensely focused on maximizing the value of your investment in the Company.” Audley Capital begs to differ and hopes investors give their nominees fair consideration.

Second among energy stocks today was Ferrellgas Partners L.P. up 2.93% to $20.05 on no real news. Ferrellgas Partners is a master limited partnership (MLP) focused on the distribution of propane. It is the second-largest distributor of propane in the U.S. with a 9% market share, behind AmeriGas Partners , who holds a 15% market share. Ferrellgas, though, is the largest distributor of portable propane tanks, operating under the Ferrellgas and Blue Rhino brands. Ferrellgas has largely grown through acquisitions in the heavily decentralized propane distribution business and the company believes there is plenty more opportunity for acquisitions in the future with 68% of the market independent retailers.

Third among energy stocks today was BP , up 2.71% to $42.00. Yesterday the oil and gas giant completed the previously announced sale of its stake in TNK-BP to Russian firm Rosneft in exchange for 18.5% of Rosneft and $4.5 billion in cash. Today, the company announced it would buy back $8 billion worth of shares, roughly the same amount it spent forming TNK-BP.

BP CEO Bob Dudley said, “BP is moving on to the next phase of its business in Russia, becoming the largest private shareholder in Rosneft, Russia‘s leading oil company. In the process we have also released cash, equivalent to at least six years of BP‘s anticipated future dividends from TNK-BP. We look forward now to working closely with Rosneft and together developing opportunities to create value for both companies.”

There are many different ways to play the energy sector, …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Adding to Our Position in This Energy Stock

March 21, 2013 Bartle Doo Leave a comment

By Paul Chi, The Motley Fool

Filed under: Investing

The past few months haven’t been kind to Apache . Coming out of last year’s analyst day, investors were plenty enthused about the company’s plans to greatly increase its rig counts in the Permian and Central regions in an effort to boost oil production. Steven Farris, Apache’s CEO, even said: “For Apache, this is the time to drill more wells.”

Investors must then be surprised that production growth for 2012 came in at just 5.5%, less than the medium-term target of 6%-9%. What’s more, the company guided to just 3%-5% growth in 2013. While this lower growth rate should not persist in the long term, investors are likely disappointed in these recent developments.

I’d certainly like to see higher production growth from Apache, but there are reasons for the short-term bump in production growth. First, the company’s capital spending program for 2012 called for half of its capital to go toward projects that did not grow production during the year. Second, another 21% of this year’s spending program will go toward long-term projects. Apache could funnel that capital toward increasing production from its U.S. onshore properties, but the company has chosen to cultivate a balanced portfolio of assets across the globe.

Once finished, these global growth projects will add 150,000 barrels per day to production over the next five years and 200,000 barrels a day by 2020. These projects will add plenty of production to last year’s average of 779,000 barrels per day, and and it is hoped that they will allow the company to reach its target of 1 million barrels per day by 2016.

Thanks to its focus on maintaining a balanced portfolio, Apache benefits from strong pricing on its oil and gas sales across the world. Fully 72% of Apache’s oil production fetches a premium to WTI oil, and just 11% of its revenue came from North American natural gas last year. While many other independents based in the U.S. are struggling mightily due to their dependence on domestic natural gas, Apache continues to generate strong cash flow.

Foolish bottom line
As of yesterday’s closing price, Apache remains very undervalued at 3.4 times operating cash flow. That’s a cheap price to pay for this top-notch global energy company. Tomorrow, I’ll be buying more shares of Apache in the Street Fighter Portfolio, which I co-manage with Matt Argersinger.

If you’re on the lookout for some currently intriguing energy plays, check out The Motley Fool’s “3 Stocks for $100 Oil.” For FREE access to this special report, simply click here now.

The article Adding to Our Position in This Energy Stock originally appeared on Fool.com.

Paul Chi owns shares of Apache. The Motley Fool owns shares of Apache. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that <a target=_blank …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Are Shorts Trying Too Hard to Hate This Energy Company?

March 20, 2013 Bartle Doo Leave a comment

By Matt DiLallo, The Motley Fool

Filed under: Investing

There’s no way to sugarcoat things for investors of Endeavor International . Despite a small price bump over the past few weeks, the company has recently fallen to a market capitalization of just $150 million. In the past year, shares have plunged from a 52-week high of $13.23 to its recent price of around $3. Ouch. Among the company’s many problems is its heavy debt load of more than $800 million. This has investors scared and some savvy investors see the debt load sinking the shares even further and have sold more than 29% of the company’s shares short.

Why it’s hated
While the debt is a concern, it’s just one of Endeavor’s current storms. Another is that 29% of current production is weighted toward North American natural gas, where profits are being held back by low natural gas prices. Among its oil plays, it’s has 90,500 net acres in the Heath shale of Montana. Haven’t heard of the Heath shale? It was supposed to be the next Bakken, only better because it’s shallower. At one time, EOG Resources called the Heath shale the “king of oil plays.” Unfortunately, it hasn’t proved to be very commercially viable as its best wells are just producing limited amounts of oil per day.

Oh, and speaking of storms, one just recently damaged the company’s East Rochelle well and halted operations. With a list this long, no wonder shorts hate this stock. Endeavor appears to be in serious trouble. Or is it?

Why it should be loved
The company has accomplished a lot in the past couple of years. At the end of 2011, it announced the acquisition of ConocoPhillips‘ interest in three producing U.K. oil fields in the North Sea for $330 million. Together with the rest of its U.K. assets, Endeavor will see growing cash flow from these oil projects. In fact, has been able to sell its U.K. oil production forward in order to raise cash. Even better, this oil is priced at Brent-based crude prices, which trade at a significant premium to the U.S. benchmark WTI.

Because of the strength of these assets, it was able to extend its looming credit facility due date until the middle of 2014. With that near-term credit overhang now past, the company can focus on its operations.

Finally, the company’s board is in the midst of a strategic review, which could result in the company unlocking the significant value of its assets. Among the options are a sale or joint venture of its U.K. assets or a sale of other non-core assets. It is also possible that the whole company is put up for sale, though more value would likely be found through asset sales because of its depressed share price.

My Foolish take
While I can understand why shorts fear Endeavor’s debt, there’s enough positive catalysts to be found at its U.K. assets for shorts to be worried. Further, the strategic review could result …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Today's Top Oil and Gas Stocks

March 20, 2013 Bartle Doo Leave a comment

By Dan Dzombak, The Motley Fool

Filed under: Investing

Oil prices were on the move today, as the EIA’s Weekly Petroleum report showed U.S. crude oil inventories decreased by 1.3 million barrels in the past week and the Federal Reserve announced that it will continue its purchases of $85 billion of long-term assets every month. Today’s hot topic was a major find in the Gulf of Mexico.

At 4:00 pm ET on Tuesday, Brent crude was up 1.02% to $108.55 and WTI crude was up 0.90% to $93.35. U.S. natural gas was down 0.55% to $3.95.

Today’s top stocks
Today’s leader was Cobalt International Energy , up 8.07% to $27.87. Yesterday after the market closed, Anadarko Petroleum announced a major find at its Shenandoah 2R appraisal well, with more than 1,000 feet of net oil pay, which it operates and holds a 30% working interest in. Other partners in the find include Cobalt, with a 20% working interest, ConocoPhillips , with a 30% working interest, and Marathon Oil and Venari Resources, which each hold 10%.

Source: Cobalt International Energy March 2013 report.

Anadarko has high hopes for the area, saying that the company believes the Shenandoah Basin has “the potential to become one of the most prolific new areas in the deepwater Gulf of Mexico.” Analysts expect the well to be able to produce between 500 million and 1 billion barrels of oil over its lifetime and add $3 to $6 per share in earnings for Anadarko.

In the joint announcement, Cobalt also announced better-than-expected results at its North Platte discovery, which Cobalt has a 60% working interest in, with the rest owned by French oil giant Total. he company had expected a net oil pay of 350 feet, but the drilling results came in at more than 550 feet of net oil pay. While half as large as Shenandoah 2R, Cobalt’s much larger stake makes this nearly as significant of a find for the company.

Second among oil and gas stocks today was SandRidge Energy , up 5.58% to $5.68. After falling slightly on Monday and 3.6% yesterday, today’s jump takes SandRidge back above where it started the week on no real news. Last week, the incumbent management of SandRidge Energy settled with 7.3% shareholder TPG-Axon instead of going through a proxy battle. While TPG-Axon had been aiming to replace the entire board, in the settlement the company agreed to add TPG-Axon’s four nominees to the board. TPG-Axon was adamant on the management change-up after it was alleged that SandRidge had been allowing CEO Tom Ward’s son to acquire rights and drill wells near SandRidge operations.

Another top oil and gas stock
There are many different ways to play the energy sector, and The Motley Fool’s analysts have uncovered an under-the-radar company that’s dominating its industry. This company is a leading provider of equipment and components used in drilling and production operations and is poised to profit in a big way from it. …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Today's Top 3 Oil and Gas Stocks

March 19, 2013 Bartle Doo Leave a comment

By Dan Dzombak, The Motley Fool

Filed under: Investing

Oil prices were on the move today as fear rose over the potential for the events in Cyprus to damage the European economy, and after Schlumberger yesterday reported weaker-than-expected drilling activity in the U.S. during the first quarter. At 4:00 pm ET on Tuesday, Brent crude was down 1.74% to $107.61, and WTI crude was down 1.70% to $92.15. U.S. natural gas was up 2.09% to $3.96.

The top three
Today’s oil and gas stock leader was Abraxas Petroleum , up 4.89% to $2.36. Abraxas is an exploration and production company focused on the Rocky Mountain region, Permian Basin, and Texas Gulf Coast Basin. In the middle of the day, the stock spiked to $2.54, giving it a gain of 12.9% for the day on no news — but the stock quickly receded.

On Friday, Abraxas reported a mixed earnings release. Revenue was $19.1 million, higher than analyst expectations of $18.2 million. The company, however, reported a loss of $0.03 per share, while analysts had expected the company to break even this quarter.

Second among oil and gas stocks today was TransMontaigne Partners , up 4.53% to $47.10. TransMontaigne is a master limited partnership that provides terminals, storage facilities, and pipelines throughout the southeastern United States. The stock is up 24% this year as investors clamor for yield. On Friday, the stock dropped 3.8% on no real news, and today’s gain brought the stock back to the level before Friday’s drop.

In a research note last Thursday, a Bank of America analyst went over why the company has a buy rating on the stock: TransMontaigne is relatively unlevered, has good growth prospects and the ability to fund them without raising additional capital, and could be an acquisition target if the industry continues to consolidate.

And in third place today was Warren Resources , up 3.67% to $3.11. Warren Resources focuses on the Wilmington field in California and coalbed methane in the Rocky Mountain region. Two weeks ago, the company reported mixed earnings, and the stock is up 19% since then. CEO Philip Epstein said of the results: “We are in a strong financial position thanks to our continued drilling success in California. This financial strength will be helpful in implementing our new strategy of growing the company through acquisitions and joint ventures. As a result of drilling 17 new oil wells in California, our proved oil reserves increased by 9.5% during 2012 to 16.4 million barrels.” While the company missed estimates on revenue, earnings per share of $0.04 were in line with analyst estimates.

Widely held oil and gas stocks
Among widely held stocks, Chesapeake Energy was down 5.05%, for two reasons. First, Sterne Agee downgraded the stock to “underperform.” Analysts are worried about the $3 billion funding gap between the company’s expected cash flow and plans for capital expenditures. Second, Hess‘ $265 million sale today of 43,000 acres in south Texas gives an implied value of $600 million for …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

24/7 Wall St. Closing Bell — March 18, 2013: Markets Slide on Cyprus Woes (KMB, VZ, RGLD, ACI, HPQ, SYNM, CLSN, HSOL, HAST, KIOR, FF, SBLK, FDS, CTAS, GLUU, JCP, NOK, BBRY)

March 18, 2013 Bartle Doo Leave a comment

By 24/7 Wall St.

Filed under: Investing

U.S. equity markets opened lower this morning following a weekend of confusion over the proposed solution to the banking problem in Cyprus. It’s not that Cyprus claims a particularly large banking system, but the proposed haircut for their depositors makes depositors everywhere wary (more coverage here). The Cypriot banking mess chilled markets in Asia and Europe today as well. There was little data released today, but the eurozone trade deficit came in higher than forecast and in China, house prices rose 2.1% month-over-month. In the U.S. the National Association of Home Builders index fell again in March, the second straight month of decline (more coverage here). U.S. financial stocks performed poorly today, while tech stocks posted a gain as speculation abounded that Apple Inc. (NASDAQ: AAPL) would seriously boost its dividend.

The U.S. dollar index rose 0.48% today, now at 82.654. The GSCI commodity index is up 0.4% at 652.50, with commodities prices mostly lower today on the stronger dollar. WTI crude oil closed up 0.3% today, at $93.74 a barrel. Brent crude trades down 0.2% at $109.57 a barrel. Natural gas is down 0.1% today at about $3.87 per million BTUs. Gold settled up 0.8% today at $1,604.60 an ounce, its first close above $1,600 this month.

The unofficial closing bells put the DJIA down about 62 points to 14,452.06 (-0.43%), the NASDAQ fell more than 11 points (-0.35%) to 3,237.59, and the S&P 500 fell -0.55% or nearly 9 points to 1,552.10.

There were a several analyst upgrades and downgrades today, including Kimberly-Clark Corp. (NYSE: KMB) cut to ‘sell’ at Goldman Sachs; Verizon Communications Inc. (NYSE: VZ) raised to ‘buy’ at Citigroup (more coverage here); Royal Gold Inc. (NASDAQ: RGLD) started as ‘buy’ at BB&T; Arch Coal Inc. (NYSE: ACI) raised to ‘neutral’ at Nomura; and Hewlett-Packard Co. (NYSE: HPQ) raised to ‘overweight’ at Morgan Stanley.

Earnings reports since markets closed last Friday resulted in several price moves today, including these: Syntroleum Corp. (NASDAQ: SYNM) is down 12.3% at $0.40; Celsion Corp. (NASDAQ: CLSN) is up 1.9% at $1.08; Hanwha Solarone Co. Ltd. (NASDAQ: HSOL) is up 5.7% at $0.93; Hastings Entertainment Inc. (NASDAQ: HAST) is down 4.4% at $2.17; and Kior Inc. (NASDAQ: KIOR) is down 0.9% at $5.76.

Before markets open tomorrow morning we are scheduled to hear from FutureFuel Corp. (NYSE: FF), Star Bulk Carriers Corp. (NASDAQ: SBLK), FactSet Research Systems Inc. (NYSE: FDS), and Cintas Corp. (NASDAQ: CTAS).

Some standouts among heavily traded stocks today include:

Glu Mobile Inc. (NASDAQ: GLUU) is up 11.1% at $3.71. The mobile games developer has been upgraded by several analysts.

J.C. Penney Co. Inc. (NYSE: JCP) is up 6.6% at $16.50. The beleaguered retailer gets a boost today from an analyst’s plan to convert some of the company’s stores to a REIT.

Nokia Corp. (NYSE: NOK) is down 2.3% at $3.35. The handset maker is declining as the U.S. release of the new smartphone from BlackBerry (NASDAQ: BBRY) approaches later this week..

Stay tuned for Tuesday. The Federal Open Market Committee (FOMC) begins its …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Canada Is Drowning in Oil, Even With Keystone XL

March 16, 2013 Bartle Doo Leave a comment

By Taylor Muckerman and Joel South, The Motley Fool

Filed under: Investing

Western Canadian Select crude from Canada‘s oil sands has been trading at a steep discount to WTI and Brent crude oils. As a result, Canadian producers such as Suncor Energy and Talisman Energy have been suffering. One way to reverse the trend is if these producers can gain access to the Asian markets, which command a higher price.

Come one, Come all
That’s exactly how Kinder Morgan Energy Partners feels right now, as it’s the company in the best position to help bring this crude to the West Coast. It also owns the only terminal on the West Coast with the ability to export this crude once it reaches the Pacific Ocean. Despite Enbridge‘s proposed Northern Gateway pipeline and the hotly contested Keystone XL pipeline, it still appears that KMP will be the dominant player in this market.

See more in the following video.

Need a closer look at the entire Kinder Morgan family?
It’s easy to forget the necessity of midstream operators that seamlessly transport oil and gas throughout the United States. Kinder Morgan is one of these operators, and one that investors should commit to memory because of its sheer size — it’s the fourth largest energy company in the U.S. — not to mention its enormous potential for profits. In The Motley Fool’s new premium research report on Kinder Morgan, our top energy analyst breaks down the company’s growing opportunity, as well as the risks to watch out for, to uncover whether it’s a buy or a sell. To determine whether this dividend giant is right for your portfolio, simply click here now to claim your copy of this invaluable investor’s resource.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

24/7 Wall St. Closing Bell — March 15, 2013: Markets Open Lower, Don't Recover (FCX, NDAQ, DAL, CL, RDS-A, ARO, MCP, ZUMZ, BWS, SYNM, CLSN, HSOL, HAST, KIOR, BAC, MU, AMX)

March 15, 2013 Bartle Doo Leave a comment

By 24/7 Wall St.

Filed under: Investing

U.S. equity markets opened lower this morning and were never able to shake off the doldrums as stocks traded below the break-even line all day. There was little data out in either Asia or Europe, and data released in the U.S. today was decidedly mixed. The U.S. consumer price index was higher than expected, but core data was inline (more coverage here). The Empire State manufacturing index beat expectations (more coverage here), and results of the Federal Reserve’s stress tests on big banks weighed on financial stocks today as well (more coverage here). U.S. industrial production rose more than expected (more coverage here), but consumer sentiment tanked (more coverage here).

The U.S. dollar index fell 0.42% today, now at 82.262. The GSCI commodity index is up 0.5% at 650.23, with commodities prices mixed today. WTI crude oil closed up 0.5% today, at $93.45 a barrel. Brent crude trades up 1% at $110.03 a barrel. Natural gas is up 1.6% today at about $3.87 per million BTUs. Gold settled up 0.1% today at $1,590.70 an ounce.

The unofficial closing bells put the DJIA down about 25 points to 14,514.11 (-0.17%), the NASDAQ fell about 10 points (-0.30%) to 3,249.07, and the S&P 500 fell -0.16% or more than 2 points to 1,560.71.

There were a several analyst upgrades and downgrades today, including Freeport McMoRan Copper & Gold Inc. (NYSE: FCX) raised to ‘buy’ with a price target of $42 at Goldman Sachs; Nasdaq OMX Group Inc. (NASDAQ: NDAQ) raised to ‘outperform’ at Wells Fargo; Delta Air Lines Co. (NYSE: DAL) cut to ‘market perform’ at Raymond James; Colgate-Palmolive Co. (NYSE: CL) cut to ‘equal weight’ at Morgan Stanley; and Royal Dutch Shell plc (NYSE: RDS-A) cut to ‘underweight’ at JPMorgan Chase.

Earnings reports since markets closed last night resulted in several price moves today, including these: Aeropostale Inc. (NYSE: ARO) is down 5.5% at $13.71; Molycorp Inc. (NYSE: MCP) is up 2.3% at $6.13 (more coverage here); Zumiez Inc. (NASDAQ: ZUMZ) is up 5.2% at $25.49; and Brown Shoe Co. Inc. (NYSE: BWS) is down 4.8% at $17.52.

Before markets open Monday morning we are scheduled to hear from Syntroleum Corp. (NASDAQ: SYNM), Celsion Corp. (NASDAQ: CLSN), Hanwha Solarone Co. Ltd. (NASDAQ: HSOL), Hastings Entertainment Inc. (NASDAQ: HAST), and Kior Inc. (NASDAQ: KIOR).

Some standouts among heavily traded stocks today include:

Bank of America Corp. (NYSE: BAC) is up 4.4% at $12.64 after posting a new 52-week high of $12.65 earlier. The big bank’s capital plan passed the Fed stress test and includes some big buyback plans. More coverage here.

Micron Technology Inc. (NASDAQ: MU) is down 3.1% at $9.39. The chipmaker reports earnings next week and expectations are high, probably leading some short sellers to dump their positions today.

America Movil S.A.B. de C.V. (NYSE: AMX) is down 4% at $18.59 after posting a new 52-week low of $18.49 earlier today. The telecommunications company has been through a spate of selling in the past week following an announcement that Mexico is seeking to increase competition …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Commodity Prices Fall in February Despite Positive Economic News

March 15, 2013 Bartle Doo Leave a comment

By Business Wirevia The Motley Fool

Filed under: Investing

Commodity Prices Fall in February Despite Positive Economic News

The UBS Bloomberg CM Commodity Index (CMCITR) continues to outperform other “constant maturity” indexes year-to-date

NEW YORK–(BUSINESS WIRE)– The UBS Bloomberg Constant Maturity (“CM”) Commodity Total Return Index (ticker: CMCITR), a modern commodity index designed to reduce the potential negative effects of contango, returned -4.02 percent in February, following an increase of 2.62 percent in January, according to data released today by Van Eck Global and Bloomberg. The index has returned -1.51 year-to-date.

Commodity indexes declined in February as several positive news developments failed to boost commodity demand growth. The U.S. economy continued to strengthen as housing starts moved to their highest levels since 2009, while U.S. retail sales increased and better-than-expected U.S. jobless claims data hinted at a sustained recovery in U.S. employment. There were also signs that the Chinese economy is improving, as exports in China continued to rise and imports moved to their highest level since February 2012. However, commodities appeared to face strong headwinds from the pending U.S. government “sequester” and the release of the Federal Reserve‘s most recent meeting minutes, which indicated a potential end to its quantitative easing program.

While all commodities sectors turned negative in February, energy was the least negative performing sector of the month, as a decline in natural gas inventories offered some relief to a lack of oil demand growth. Agriculture weakened on increased supply, while livestock and industrial metals fell. The precious metals sector was the worst performer for the month, falling to seven-month lows following the release of the aforementioned Fed minutes.

CMCITR roll yield was positive for the period. WTI contango widened as Brent backwardation narrowed. Natural gas contango widened and remained within manageable levels. Wheat contango narrowed and sugar moved back into contango during the month. Copper, gold and silver contango all narrowed in February.

CMCITR outperformed the other main “constant maturity” indexes during the month, including the Continuous Commodity Index (CCITR: -4.31 percent, -2.19 percent YTD) and the Greenhaven Continuous Commodity Index (GCC: -4.38 percent, -2.24 percent YTD).

During February, CMCITR also outperformed the more traditional Dow Jones UBS Commodity Index (DJUBSTR), which returned -4.09 percent (-1.79 percent YTD) and the S&P Goldman Sachs Commodity Index (SPGSCITR), which returned -4.38 percent (-0.22 percent YTD).

CMCITR diversifies across 28 commodity components and up to five maturities. The Index was designed to minimize investment exposure …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

24/7 Wall St. Closing Bell — March 14, 2013: Markets Climb to New Highs Today (AMZN, EBAY, WFC, VMW, ETFC, BFAM, MW, VRA, LODE, SOL, AEO, MCP, ZUMZ, BWS, MGM, SD)

March 14, 2013 Bartle Doo Leave a comment

By 24/7 Wall St.

Filed under: Investing

U.S. equity markets opened higher this morning following a better-than-expected report on new jobless benefits claims in the U.S. and a mostly inline report on producer prices (more coverage here). In Europe, eurozone unemployment fell a bit more than expected and Spanish retail sales were not as bad as expected. In Asia, key interest rates in New Zealand and South Korea remained unchanged. The Shanghai index closed higher for the first time in six days. The DJIA closed with a tenth straight day of gains and the S&P closed within a couple of bucks of its all-time high.

The U.S. dollar index fell 0.41% today, now at 82.553. The GSCI commodity index is down 0.4% at 647.17, with commodities prices mostly higher today on the weaker dollar. WTI crude oil closed up 0.6% today, at $93.03 a barrel. Brent crude trades up 0.7% at $109.00 a barrel. Natural gas is up 3.8% today at about $3.82 per million BTUs following a relatively large draw on stocks last week (more coverage here). Gold settled up 0.1% today at $1,590.70 an ounce.

The unofficial closing bells put the DJIA up more than 82 points to 14,538.99 (0.58%), the NASDAQ rose nearly 14 points (0.43%) to 3,258.93, and the S&P 500 rose 0.56% or nearly 9 points to 1,563.20.

There were a several analyst upgrades and downgrades today, including Amazon.com Inc. (NASDAQ: AMZN) cut to ‘neutral’ at J.P. Morgan; eBay Inc. (NASDAQ: EBAY) reiterated as ‘buy’ with a price target of $65 at Argus and raised to ‘overweight’ at Evercore; Wells Fargo & Co. (NYSE: WFC) started as ‘market perform’ at BMO Capital; VMware Inc. (NYSE: VMW) raised to ‘outperform’ at William Blair and maintained on Focus List at Credit Suisse; and E*Trade Financial Corp. (NASDAQ: ETFC) cut to ‘underperform’ at KBW.

Earnings reports since markets closed last night resulted in several price moves today, including these: Bright Horizons Family Solutions Inc. (NYSE: BFAM) is up 11.2% at $33.35 after posting a post-IPO high of $33.49 earlier today; Men’s Wearhouse Inc. (NYSE: MW) is up 19% at $34.60; Vera Bradley Inc. (NASDAQ: VRA) is down 8.4% at $22.81; Comstock Mining Inc. (NYSEMKT: LODE) is down 7.1% at $1.97; and ReneSola Ltd. (NYSE: SOL) is up 1.4% at $2.17.

Before markets open tomorrow morning we are scheduled to hear from Aeropostale Inc. (NYSE: AEO), Molycorp Inc. (NYSE: MCP), Zumiez Inc. (NASDAQ: ZUMZ), and Brown Shoe Co. Inc. (NYSE: BWS).

Some standouts among heavily traded stocks today include:

MGM Resorts International Inc. (NYSE: MGM) is up 6.5% at $13.21. The casino and resort operator is a likely target for further investment by Kirk Kerkorian’s Tracinda Corp. More coverage here.

SandRidge Energy Inc. (NYSE: SD) is down 3.3% at $5.66. The energy exploration and production company caved in to demands from a large investor and it looks the company’s CEO is headed for the door. More coverage here.

E*Trade Financial Corp. (NASDAQ: ETFC) is down 8.3% at $10.84. The online financial firm got battered after its largest investor said it would …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

24/7 Wall St. Closing Bell — March 13, 2013: Markets Hold On for Small Gains (BA, ORCL, WAG, YUM, EPB, DOLE, COOL, PPHM, EXPR, BFAM, MW, VRA, LODE, SOL, SPPI, VLO, EBAY)

March 13, 2013 Bartle Doo Leave a comment

By 24/7 Wall St.

Filed under: Investing

U.S. equity markets opened slightly lower this morning following on some poor data on eurozone industrial production, which fell more than expected. Non-farm payrolls fell more than expected in France and the country’s CPI rose less than analysts had forecast. There was no data out of Asia this morning, but there are worries that China will tighten lending requirements for home purchases as the country tries to cool off the real estate market. In the U.S., retail sales came in better than expected (more coverage here), but new applications for mortgages fell as interest rates rose (more coverage here). The Business Roundtable released its economic outlook for spring, which suggests that sales and capital spending will rise, but hiring will remain slow (more coverage here).

The U.S. dollar index rose 0.34% today, now at 82.865. The GSCI commodity index is up 0.1% at 649.62, with commodities prices mostly lower today. WTI crude oil closed down fractionally today, at $92.52 a barrel, following the release of the EIA’s inventory report (more coverage here). Brent crude trades down 1.2% at $108.40 a barrel. Natural gas is up 1% today at about $3.68 per million BTUs. Gold settled down 0.2% today at $1,588.40 an ounce, largely due to the stronger dollar.

The unofficial closing bells put the DJIA up more than 5 points to 14,455.28 (0.04%), the NASDAQ rose nearly 3 points (0.09%) to 3,245.12, and the S&P 500 rose 0.13% or about 2 points to 1,554.52.

There were a several analyst upgrades and downgrades today, including Boeing Co. (NYSE: BA) reiterated as ‘buy’ with a price target of $100 at BofA/Merrill Lynch; Oracle Corp. (NASDAQ: ORCL) raised to ‘buy’ at Canaccord Genuity; Walgreen Co. (NYSE: WAG) raised to ‘buy’ at UBS; Yum! Brands Inc. (NYSE: YUM) maintained as ‘outperform’ and price target raised to $70 at Credit Suisse; and El Paso Pipeline Partners LP (NYSE: EPB) cut to ‘neutral’ and price target raised to $44 at Credit Suisse (more coverage of MLP ratings here).

Earnings reports since markets closed last night resulted in several price moves today, including these: Dole Food Company Inc. (NYSE: DOLE) is down 8.8% at $10.70; Majesco Entertainment Co. (NASDAQ: COOL) is down 16.3% at $0.60; Peregrine Pharmaceuticals Inc. (NASDAQ: PPHM) is down 8.2% at $1.45; and Express Inc. (NYSE: EXPR) is down 2.7% at $18.35 (more coverage here).

Before markets open tomorrow morning we are scheduled to hear from Bright Horizons Family Solutions Inc. (NYSE: BFAM), Men’s Wearhouse Inc. (NYSE: MW), Vera Bradley Inc. (NASDAQ: VRA), Comstock Mining Inc. (NYSEMKT: LODE), and ReneSola Ltd. (NYSE: SOL).

Some standouts among heavily traded stocks today include:

Spectrum Pharmaceuticals Inc. (NASDAQ: SPPI) is down 37.6% at $7.76 after posting a new 52-week low of $7.73 earlier today. The drugmaker lowered full-year guidance today by 40%, and the shorts had a field day.

Valero Energy Corp. (NYSE: VLO) is down 4.4% at $43.53. The oil refiner received an analyst downgrade today linked to the rising cost of renewable fuel credits.

eBay Inc. (NASDAQ: EBAY) is down …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

More Good Fortune for Carl Icahn's CVR Energy

March 12, 2013 Bartle Doo Leave a comment

By Joel South and Taylor Muckerman, The Motley Fool

Filed under: Investing

CVR Energy has more than doubled in price since Carl Icahn purchased a majority stake in the company. It has joined other mid-continent refiners as the top energy performers in 2012 as the group took advantage of discounted feedstocks to increase refining margins to impressive highs. The new holding company looks to continue its run as long as WTI and Western Canadian Select crude benchmarks remain significantly discounted to the international Brent price.

The Fool’s Joel South and Taylor Muckerman have more in the following video.

The article More Good Fortune for Carl Icahn’s CVR Energy originally appeared on Fool.com.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Global Partners Earnings: An Early Look

March 12, 2013 Bartle Doo Leave a comment

By Dan Caplinger, The Motley Fool

Filed under: Investing

Earnings season is winding down, with most companies already having reported their quarterly results. But there are still some companies left to report, and Global Partners is about to release its quarterly earnings. The key to making smart investment decisions with stocks releasing their quarterly reports is to anticipate how they’ll do before they announce results, leaving you fully prepared to respond quickly to whatever inevitable surprises arise. That way, you’ll be less likely to make an uninformed knee-jerk reaction to news that turns out to be exactly the wrong move.

The midstream and downstream segments of the energy industry have gotten a lot of attention lately, as high levels of oil and gas production have swamped the available capacity to move those products efficiently to where they’re needed. Global Partners combines both segments under one roof, with an impressive logistical network and about 1,000 gas stations focused in the northeastern United States. Let’s take an early look at what’s been happening with Global Partners over the past quarter and what we’re likely to see in its quarterly report on Thursday.

Stats on Global Partners

Analyst EPS Estimate	$0.50
Change From Year-Ago EPS	11%
Revenue Estimate	$4.36 billion
Change From Year-Ago Revenue	6.2%
Earnings Beats in Past 4 Quarters	2

Source: Yahoo! Finance.

Will Global Partners keep investors energetic this quarter?
Analysts have been cautious about Global Partners‘ near-term prospects but are highly bullish about its longer-term prospects. In the past few months, they’ve cut back on the master limited partnership’s earnings per share by $0.02, but they’ve added more than $1.20 per share to their calls for the full 2013 year. The stock has responded similarly, soaring more than 60% since early December.

The big news for Global Partners came in January, when refining giant Phillips 66 announced a deal with Global Partners to ship oil from the Bakken shale play in North Dakota to a Phillips refinery facility in Pennsylvania. Under the five-year contract, Phillips 66 takes on a commitment to take about 91 million barrels of crude, or roughly 50,000 barrels per day, which puts the contract’s value at about $8 billion given current prices for West Texas Intermediate. Because of a shortage of pipeline capacity serving the Bakken, Global plans to use its partnership with Canadian Pacific to send the oil by rail.

The Phillips 66 news caused Global Partners to raise its guidance for 2013. The MLP now expects EBITDA to grow at roughly a 50% pace this year compared with 2012. With the transportation deal adding about $10 to $15 per barrel to the price of crude, Global Partners is benefiting from the big disparity between global prices for Brent crude and the domestic price of oil linked to the WTI benchmark.

In its quarterly report, watch for Global Partners to discuss not just the Phillips 66 deal but …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

24/7 Wall St. Closing Bell — March 12, 2013: Markets Can't Overcome Low Open (BBY, RSH, P, AAPL TJX, CVI, DMND, FCEL, URBN, BONT, COST, SSI, DOLE, COOL, PPHM, EXPR, TA, GLU, JCP, ZNGA)

March 12, 2013 Bartle Doo Leave a comment

By 24/7 Wall St.

Filed under: Investing

U.S. equity markets opened lower this morning but never managed to hold a position in positive territory. Despite a significant drop in U.K. industrial production in February, the country’s trade deficit was narrow than expected and the FTSE 100 index actually rose. Elsewhere in Europe the few data points that were released today did not move markets much one way or the other. In Asia, the Chinese government tried to persuade investors (not altogether successfully) that downturns in yesterday’s data reports were mainly due to the lunar new year. In the U.S., there was no early morning data and few earnings reports of note. A report on job gains and losses was mostly positive (more coverage here), and the afternoon auction of 3-year Treasury notes went off at a yield of 0.411%, identical with the February auction.

The U.S. dollar index rose 0.02% today, now at 82.594. The GSCI commodity index is down fractionally at 648.72, with commodities prices mostly mixed again today. WTI crude oil closed up 0.5% today, at $92.54 a barrel, following the release of the EIA’s short-term energy outlook (more coverage here). Brent crude trades down 0.6% at $109.61 a barrel. Natural gas is down 0.3% today at about $3.64 per million BTUs. Gold settled up 0.9% today at $1,591.70 an ounce.

The unofficial closing bells put the DJIA up less than 2 points to 14,450.06 (0.01%), the NASDAQ fell more than 10 points (-0.32%) to 3,242.32, and the S&P 500 fell -0.24% or nearly 4 points to 1,552.48.

There were a several analyst upgrades and downgrades today, including Best Buy Co. Inc. (NYSE: BBY) raised to ‘buy’ at Goldman Sachs; RadioShack Inc. (NYSE: RSH) cut to ‘sell’ at Goldman Sachs; Pandora Media Inc. (NYSE: P) started as ‘outperform’ at Pac-Crest; Apple Inc. (NASDAQ: AAPL) maintained as ‘hold’ but price target cut to $420 at Jefferies; and The TJX Companies Inc. (NYSE: TJX) started as ‘overweight’ at Barclays.

Earnings reports since markets closed last night resulted in several price moves today, including these: CVR Energy Inc. (NYSE: CVI) is up 1.6% at $59.57; Diamond Foods Inc. (NASDAQ: DMND) is down 10.1% at $15.82; Fuel Cell Energy Inc. (NASDAQ: FCEL) is down 4.1% at $1.00; Urban Outfitters Inc. (NASDAQ: URBN) is up 0.8% at $41.81; Bon-Ton Stores Inc. (NASDAQ: BONT) is up 5.5% at $12.56; Costco Wholesale Corp. (NASDAQ: COST) is up 1.2% at $103.68 (more coverage here); and Stage Stores Inc. (NYSE: SSI) is down 0.8% at $26.62.

Before markets open tomorrow morning we are scheduled to hear from Dole Food Company Inc. (NYSE: DOLE), Majesco Entertainment Co. (NASDAQ: COOL), Peregrine Pharmaceuticals Inc. (NASDAQ: PPHM), Express Inc. (NYSE: EXPR), and TravelCenters of America LLC (NYSEMKT: TA).

Some standouts among heavily traded stocks today include:

Glu Mobile Inc. (NASDAQ: GLUU) is up 15.3% at $2.79. The mobile game developer launched its first real-money mobile gambling game in the U.K.

J.C. Penney Co. Inc. (NYSE: JCP) is up 4.3% at $15.69. The retailer denies the CEO is leaving and the shares rise. …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

U.S. Crude Production to Rise, Gasoline Prices to Fall Later — EIA

March 12, 2013 Bartle Doo Leave a comment

By 24/7 Wall St.

Filed under: Oil & Gas Industry

The U.S. Energy Information Administration (EIA) today released its March version of the Short-Term Energy Outlook. The agency has lowered its forecast for the price of crude and retained its earlier forecast on the price differential between Brent and WTI.

Noting that gasoline prices fell by seven cents a gallon from February 25th to March 11th, the EIA expects gasoline prices to remain near the February average price of $3.67 a gallon for the next few months, but the average price to decline from a 2012 annual average of $3.63 a gallon to $3.55 a gallon this year and decline further to $3.38 a gallon in 2014.

The EIA now forecasts that WTI crude oil will average just under $92 a barrel in 2013, down from last month’s forecast for an average price of $93 a barrel. The agency also lowered its forecast price for Brent, from a 2013 average of $109 a barrel to $108. For 2014, the EIA forecasts WTI will average just over $92 a barrel, while Brent will average under $101 a barrel next year.

The price differential (spread) between Brent and WTI will average $16 a barrel this year and fall to $9 a barrel in 2014. The EIA believes that new pipeline capacity becoming available in the U.S. will cut the spread by moving lower cost WTI from mid-America to the Gulf Coast and thereby reduce the price of Brent.

The agency also forecasts U.S. consumption to rise slightly from 18.6 million barrels a day in 2012 to 18.7 million barrels a day by 2014. The increase is attributed to rising demand for distillates and liquefied petroleum gas (LPG). No significant change is forecast for either gasoline or jet fuel consumption.

U.S. crude oil production rose to more than 7 million barrels a day in November and December of 2012, the highest level since 1992. The EIA forecasts average production for 2013 to rise from last year’s average of 6.5 million barrels a day to 7.3 million barrels a day. Production will increase further, to 7.9 million barrels a day in 2014.

Filed under: 24/7 Wall St. Wire, Oil & Gas, Research

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24/7 Wall St. Closing Bell — March 18, 2013: Markets Slide on Cyprus Woes (KMB, VZ, RGLD, ACI, HPQ, SYNM, CLSN, HSOL, HAST, KIOR, FF, SBLK, FDS, CTAS, GLUU, JCP, NOK, BBRY)

Canada Is Drowning in Oil, Even With Keystone XL

24/7 Wall St. Closing Bell — March 15, 2013: Markets Open Lower, Don't Recover (FCX, NDAQ, DAL, CL, RDS-A, ARO, MCP, ZUMZ, BWS, SYNM, CLSN, HSOL, HAST, KIOR, BAC, MU, AMX)

Commodity Prices Fall in February Despite Positive Economic News

24/7 Wall St. Closing Bell — March 14, 2013: Markets Climb to New Highs Today (AMZN, EBAY, WFC, VMW, ETFC, BFAM, MW, VRA, LODE, SOL, AEO, MCP, ZUMZ, BWS, MGM, SD)

24/7 Wall St. Closing Bell — March 13, 2013: Markets Hold On for Small Gains (BA, ORCL, WAG, YUM, EPB, DOLE, COOL, PPHM, EXPR, BFAM, MW, VRA, LODE, SOL, SPPI, VLO, EBAY)

More Good Fortune for Carl Icahn's CVR Energy

Global Partners Earnings: An Early Look

24/7 Wall St. Closing Bell — March 12, 2013: Markets Can't Overcome Low Open (BBY, RSH, P, AAPL TJX, CVI, DMND, FCEL, URBN, BONT, COST, SSI, DOLE, COOL, PPHM, EXPR, TA, GLU, JCP, ZNGA)

U.S. Crude Production to Rise, Gasoline Prices to Fall Later — EIA

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