Thursday, February 9, 2017

Market And Energy News, T+20, February 9, 2017

All three indices (S&P 50, Dow Industrials, NASDAQ) hit all-time record highs.

EIA: US energy trade with Mexico -- US export value more than twice the import value in 2016!  The graphic at the link is quite extraordinary.

BHP Billiton approves $2.2 billion share of its investment in second phase of the Mad Dog oilfield; 140,000 bopd; to come on-line in late 2021. Making America great again.

OXY: not sure why all the excitement for OXY. Huge EPS miss reported today. See below.


American Airlines CEO "boycotts" President Trump's meeting with airline CEOs on airline security. Says he had a scheduling conflict.

Jobs: first time claims plunge unexpectedly. Okay. Bloomberg headline: US jobless claims unexpectedly fall to lowest since November. The Trump enthusiasm continues.
  • econoday
  • forecast: 250,000
  • actual: 234,000
  • huge, unexpected drop; -12,000
  • below 300,00: longest streak since 1970; 101-week stretch
  • the previous record: 161-week period that ended in April, 1970; stretched back to 1967
  • four-week average: 244,250; lowest point since 1973
Louisiana pipeline would create 4,000-plus jobs -- Rigzone:
  • Bayou Bridge Pipeline
  • joint venture: Phillips 66, Energy Transfer Partners (ET), and Sunoco Logistics Partners -- formed in mid-2015
  • would deliver heavy and light crude oil from terminals in Nederland, TX, to Lake Charles, LA
  • first phase completed last spring (2016)
  • second phase: seeking US Army Corps of Engineers approval: 163 miles eastward from Lake Charles to St James in the New Orleans area -- in the vicinity of extensive terminal and refining infrastructure
  • expansion would span much of South Louisiana
  • spur more than $829 million in new economic activity
  • create more than 4,000 jobs
  • generate more than $400 million in new wages
WTI: $53/13 -- very surprising after "build" data yesterday. Tea leaves suggest OPEC will extend duration of production cut. Previously reported.

Equity markets: all up in early trading.
  • AAPL: flat to slightly negative
  • BRK-B: melting up
  • CVX: melting up
  • SRE: melting up
  • OXY huge miss on EPS; but beats on revenues: EPS loss of 13 cents vs 3 cents forecast; revenues came in at $2.826 million, marginally beating the forecast of $2.806 million.
Mid-morning trading: Dow 30 closing in on a triple-digit gain today; NASDAQ will have its 21st record high close since Trump was elected president.

S&P 500 hits an all-time intra-day high. Trump rally continues.


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