The Fed: Generally after Bernanke spoke, the stock market fell; after Yellen talks the stock market surges. The market surged after she spoke, now up about 90 points even with these data points:
- growth forecast cut;
- tapering continues;
- the Fed wouldn't raise interest rates until 2015
It was that last point that moved the market -- another year of easy money.
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Trading at new 52-week highs: APA, BP, BCEI, CSX,
CVX,
COP, DVN, ECA,
ERF, Floteck, Genesee & Wyoming,
KOG, NRG, NFX,
SD,
SRE,
TPLM,
WLL.
SRE: surged. That's a surprise. Oh, that's right. I forgot to post this this other day.
Zack's is reporting:
SRE announced that its Mexican unit Infraestructura Energetica Nova SAB
(IEnova) has received a loan worth $270 million. The company will
utilize the fund for the completion of the first phase of its wind
energy generation project called Energia Sierra Juarez.
IEnova is engaged in the construction and
operation of energy infrastructure in Mexico. It is the only energy
company in the country, which is publicly traded. The company has two
segments – Gas and Electricity. In 2013, IEnova invested $2.4 billion in
natural gas distribution, transportation and storage and electricity
generation projects. Currently, the company is spending around $1.8
billion in new energy infrastructure ventures.
The 155-megawatts
ESJ wind project is located in the Municipality of Tecate, Baja
California, Mexico. The $300 million project is jointly owned by IEnova
and InterGen. It is the first cross-border wind generation project
between the U.S. and Mexico. The company has used 47 units of 3.3-MW
Vestas turbines in the project, which is expected to start commercial
operations in the first half of 2015.
The output from the ESJ
project will be purchased by Sempra Energy’s subsidiary San Diego Gas
and Electric Company under a 20-year power purchase agreement. Inking
long-term contracts will ensure IEnova a steady cash inflow, which will
support it to repay its loan on time.
KOG: goes over $14. Up almost 4% today.
The Market: earlier today most everything was red, some green. Everything has turned green. The market surges almost 100 points after Yellen speaks.
Phillips 66 Acquires New Storage Terminal Along The Gulf
I can't recall if I've previously posted this, another exciting energy story
, Motley Fool is reporting:
Earlier this month, Phillips 66 announced the acquisition of a Gulf Coast terminal facility to little
fanfare. The company didn't even disclose the price of the terminal that
it purchased from Chevron.
This is just another quiet step the company is taking to profit from
increased American energy exports by following in the footsteps of
leading exporters such as Enterprise Products Partners.
Phillips 66 is
acquiring Chevron's Beaumont Terminal complex near Beaumont, Texas. The
terminal has 7.1 million barrels of storage capacity that encompasses
4.7 million barrels of crude-oil capacity and 2.4 million barrels of
refined products capacity.
Most noteworthy, the facility has deepwater access via two marine
docks capable of handling Aframax tankers and one large barge dock. It
also has rail and truck loading and unloading facilities, as well as
access to major crude oil and refined product pipelines.
The company noted that the facility is strategically positioned for
the increased movement of North American crude oil into the Gulf Coast, as
well as for the growth in refined product exports. Furthermore,
Phillips 66 pointed out that the asset has significant expansion
potential. Bottom line here is this site is perfectly positioned for the
export market.
Much more at the link.
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Meanwhile, President Obama Has Drawn A Red Line Against Global Warming
I can't make this up.
Over at IceAgeNow:
On June 14 he gave a commencement speech
to graduates of the University of California at Irvine, using it to
tell Big Fat Lies, not the least of which was that the Earth’s
temperatures were rising when in fact they have been falling for nearly
eighteen years.
It is an endless source of wonder to me that no part of the
mainstream media disputes him when he says things like this. For years
now they have been reporting the evidence of increasingly cold weather
worldwide.
On the same day the President was lying about warming, eight inches
of snow fell in Rize, Turkey. It has fallen as well in South Africa,
Norway, Sweden, Finland and Russia while closer to home snow fell on
several cities in Idaho with cold freezes extending into Oregon. In June!
Obama used the speech to demand that politicians take steps to
acknowledge climate change which used to be called global warming until
it became undeniable to everyone except the charlatans lining their
pockets with utterly bogus “research” that underwrites the source of the
lies, the United Nations Intergovernmental Panel on Climate Change
(IPCC).
UC Irvine. Really?
