Sun Coast Emergency Fuel Is Ready for Winter Storm Kahn

Winter Storm Khan brought a swath of snow from the Midwest to the Mid-Atlantic today. Parts of the South, including southern Kentucky, Tennessee, South Carolina and North Carolina have seen significant icing from the storm.

Sun Coast Resources’ emergency fuel response teams are ready to help those in need with the effects left behind from Winter Storm Kahn.  When you need red diesel for your generator, Sun Coast is there!  When you need a dedicated fuel truck for your multiple business locations, Sun Coast is there!  When you need a double wall insulated tank to dispense gas or diesel, Sun Coast is there!  When your fleet needs fueling because the gas stations are without gas or power, Sun Coast is there!  When your current fuel supplier runs out of its fuel supply, Sun Coast will be there! Be prepared by being RESOURCEFUL!

Suncoast staff

Sun Coast Resources has over 1,000 trucks and equipment to serve you across 35 States and always 24/7/365.  Sun Coast never sleeps!

If you are not affected by Winter storm Kahn, do you have your emergency plan and generator maintenance schedule with Sun Coast already?

 

 

Emergency Fuel Supplier for Isaac and Other Hurricanes Available 24/7

 

 

 

 

 

 

 

Sun Coast Resources, Inc. has provided emergency fuel for over 27 years and to over a dozen natural disasters.  Call the experienced fuel and tank distributor 24/7 across Louisiana, Texas, Mississippi, Alabama, Florida and any of our other 35 licensed States. Please see our website for all the specifics about how we can serve you with: emergency response, dedicated fuel trucks, fuel tanks, generator fuel, mobile fuel trucks, diesel and more…

http://www.suncoastresources.com/emergency-fuel-response/tank-retainer-program/

 

[Newsletter 9/22/2011] The Fed shook up the world yesterday, results today.

 

Market Update:

Though unemployment was down a bit last week, the FED did a great job of ramping up fear among the public yesterday, which caused sell-offs in the afternoon and a big dump this morning. The Dow is down about 365 point so far today.

Stocks plunge on concerns about new Fed program

The Dow Jones industrial average plunged more than 300 points in early trading as investors recoiled from the Federal Reserve’s new effort to stimulate the economy and the central bank’s statement that the economy may be in for a long period of slow growth.

A little more than an hour into the trading session, the Dow was down 300.91 points, or 2.7%, to 10,823.93. The broader Standard & Poor’s 500 index was down 2.3%.

The losses built on declines late Wednesday after the Fed announced it would attempt to bring down long-term interest rates by replacing $400 billion of its holdings of short-term government debt with long-term U.S. Treasury bonds.

Analysts have questioned whether the program will have the desired beneficial impact, given that the economy is facing significant headwinds and long-term interest rates are already quite low.

The Fed also rattled investors Wednesday by highlighting “significant downside risks to the economic outlook.” The statement ramped up fears that the economy could be headed for a new recession.

The continuing fallout from the central bank’s announcement overshadowed a report Thursday showing that new claims for unemployment benefits dropped slightly last week from the week before… Read at LA Times

 

Major Media Headlines:

  • The House defeated a spending bill to fund the federal government passed September 30. (Reuters) – Media Digest
  • Roubini says the EU crisis could cause Great Depression II. (Reuters)Media Digest
  • Royal Dutch Shell (NYSE: RDS) said it will stay in the refining business. (WSJ)Media Digest
  • As more companies create  business which rely on Facebook, the site’s users push back. (WSJ)Media Digest
  • Eric Schmidt said Google (NASDAQ: GOOG) has not altered its search results to help its own products. (Reuters)Media Digest

 

 


 

Oil Today:

Oil plummeted this morning as the FED shook up fear. Oil is down ~5.6% at ~$81/barrel this morning.

Oil falls sharply on global economic worries

NEW YORK—Oil prices tumbled 5 percent Thursday after some of the world’s top financial officials gave a gloomy reading on the international economy.

Oil, a bellwether that tracks the market’s mood, has dropped 29 percent since April as high unemployment, weak consumer confidence and expensive gasoline slowed down global growth.

Investors were hoping that the Federal Reserve would come up with a strategy this year to give the economy a boost. But the Fed gave little comfort following its two-day meeting this week. The central bank plans to push long-term interest rates lower, but investors said it would do little good with interest rates already near record lows.

Analysts focused instead on the Fed’s bleak outlook, which pointed to continued weakness in the job market and only modest increases in household spending.

Separately, the departing chief economist of the European Central Bank warned that heavy government debt threatened the euro.

“This is just sudden and strong confirmation that the economy is not improving,” said Michael Lynch, president of Strategic Energy & Economic Research. “Energy demand is going to be very poor.”

Benchmark crude on Thursday plunged $4.40, or 5.1 percent, to $81.52 per barrel in New York. It fell as low as $80.25 earlier in the day, the lowest since Aug. 19. Brent crude, which is used to price oil that’s produced in foreign countries, fell $4.11, or 3.7 percent, to $106.25 in London.

Tom Kloza, publisher and chief oil analyst at Oil Price Information Service, said oil prices are falling with stocks and other investments.

“This is part of a huge sweeping wave of deflation that’s hitting every major asset,” Kloza said.

FedEx Corp., the world’s second biggest package delivery company, cut its earnings expectations on Thursday because of the weak economy. FedEx said consumer demand for technology and electronics products from Asia is falling. It echoed similar concerns raised last week by rival United Parcel Service Inc.

Meanwhile, U.S. gasoline prices fell more than a penny on Thursday to $3.556 per gallon, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular has fallen from a high near $4 per gallon earlier this year, but the national average is still almost 84 cents more than a year ago.

In other energy trading, heating oil fell 9 cents, or 3 percent, to $2.8483 per gallon, and gasoline futures gave up 9 cents, or 3.3 percent, to $2.5779 per gallon. Natural gas lost 1 cent at $3.724 per 1,000 cubic feet… Read the full article

 

 


Weather Updates

Tropical Activity

Atlantic:

Tropical Storm Ophelia seems to be taking the high road towards Bermuda rather than towards the East Coast. If this is true, America will have avoided yet another hurricane this season.

Tropical Storm Ophelia. Daily Weather and Energy Newsletter - 9/22/2011

National Hurricane Center

Contact Sun Coast Resources to find out how we can keep you going during and after the storm with 24/7 Emergency Fueling Services!

 

Email or call toll-free at 800-677-3835 *490! Get ready for the incoming storms!

National Weather Conditions

National Weather Hazards. Daily Weather and Energy Newsletter - 9/22/2011

National Weather Service

 

Aside from flood advisories and a small area under red flag warnings in Montana, the country looks fairly clear of hazards today.

Click on the map to take a closer look at your area.

Subscribe to this blog on the right and get the Daily Weather and Energy Newsletter instantly in your inbox!

[Newsletter 9/21/2011] Housing sales beat expectations, Turkey upset at Cyprus/Israel over drilling issues, Wall street is struggling

 

Market Update:

 

Sales of U.S. Existing Homes Rise 7.7%, Beat Forecasts

Sales of previously owned U.S. homes rose more than anticipated in August as investors used cash to buy distressed properties. Purchases of existing houses, which are tabulated when a contract closes, increased 7.7 percent to a five-month high 5.03 million annual rate, figures from the National Association of Realtors showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 4.75 million rate. While foreclosure-driven price declines and record-low mortgage rates are preventing a renewed slump in sales, companies like Lennar Corp. (LEN) say weaker consumer confidence and limited access to financing are restraining demand. Concern over housing and the economic slowdown may prompt the Federal Reserve today to propose new measures to shore up the recovery. “Housing’s been down for so long, we should take whatever good news we can get,” said Brian Jones, an economist at Societe Generale in New York, whose forecast was among the highest in the Bloomberg survey. “Interest rates are low and pricing is attractive and people are responding.” Forecasts in the Bloomberg survey of 74 economists ranged from 4.5 million to 4.99 million. Stocks and Treasuries were little changed after the figures, with the Standard & Poor’s 500 Index rising less than 0.1 percent to 1,202.88 at 10:14 a.m. in New York. The benchmark 10- year note yielded 1.94 percent. The median price of a previously owned home dropped 5.1 percent to $168,300 from $177,300 in August 2010, today’s report showed. Compared with a year earlier, purchases increased 19 percent…Read the full article
 

Major Media Headlines:

  • Federal Reserve probably will ease monetary policy to help a struggling economy. (Reuters) – Media Digest
  • Facebook searches for a media executive to create deals with music and other content companies. (Reuters) - Media Digest
  • Economists and housing experts expect the home market to remain weak for years. (WSJ) - Media Digest
  • Google and Oracle patent talks have made no progress as a lawsuit looms. (Bloomberg) - Media Digest
  •  


 

Oil Today:

Turkish PM lashes out at Cyprus, Israel over oil

ANKARA, Turkey – Turkey’s prime minister has lashed out at Cyprus and Israel for what he described as their “madness for an oil search” in the Mediterranean, the state media reported Wednesday.

Recep Tayyip Erdogan said on Tuesday that a Turkish research ship will be “speedily” sent to the area after Cyprus began a similar search near sizable gas finds inside Israeli waters earlier this week, the state-run Anatolia news agency said.

He also said the country has sent warships to the area, as it tries to force Cyprus to halt its exploration.

Cyprus has been divided since 1974 into an internationally recognized Greek Cypriot south and a breakaway Turkish Cypriot north. Only Turkey recognizes the north and maintains 35,000 troops there.

Erdogan says Cyprus’ drilling, carried out by the U.S. firm Noble Energy Inc., undermines the rights of Turkish Cypriots and is aimed at “sabotaging” efforts to reunify the island. Cyprus has licensed Noble Energy to search for oil and gas near Israel’s recently discovered offshore gas fields that contains more than 450 billion cubic meters (15.9 trillion cubic feet) of natural gas.

Deposits are also believed to lie inside Cypriot waters near the Israeli finds, which Cyprus is now exploring.

Turkey, however, has said it does not recognize an agreement reached between Israel and Cyprus in 2010 that marked out the exclusive economic zone between the two countries. Turkey has also called on Egypt and Lebanon to scrap similar agreements they have with Cyprus that delineated Mediterranean undersea borders to facilitate the search for mineral deposits…Read the full article

 


Weather Updates

Tropical Activity

Atlantic:

Alright, we are back to report on a tropical storm. Tropical storm Ophelia is making her way towards the Caribbean.

Tropical Storm Ophelia. Daily Weather and Energy Newsletter - 9/21/2011

National Hurricane Center

Contact Sun Coast Resources to find out how we can keep you going during and after the storm with 24/7 Emergency Fueling Services!

 

Email or call toll-free at 800-677-3835 *490! Get ready for the incoming storms!

National Weather Conditions

National Weather Hazards. Daily Weather and Energy Newsletter - 9/21/2011

National Weather Service

There is an area of freeze warning in Wyoming, some air quality issues in Northeast Texas due probably to fires, and flood advisories spread throughout the country.

Click on the map to take a closer look at your area.

Subscribe to this blog on the right and get the Daily Weather and Energy Newsletter instantly in your inbox!

[Newsletter 9/20/2011] IMF Cut the Global Growth Estimate, Oil head up on the news.

 

Market Update:

IMF Cuts Global Growth Estimate

The International Monetary Fund cut its forecast for global economic growth and predicted “severe” repercussions if Europe fails to contain its debt crisis or if U.S. policy makers reach an impasse over a fiscal plan.

The world economy will expand 4 percent this year and next, the IMF said today, compared with June forecasts of 4.3 percent in 2011 and of 4.5 percent in 2012. The U.S. growth projection for 2011 was lowered to 1.5 percent this year from 2.5 percent in June.

“Global activity has weakened and become more uneven, confidence has fallen sharply recently, and downside risks are growing,” the IMF said in its World Economic Outlook report today. In Europe “leaders must stand by their commitments to do whatever it takes to preserve trust in national policies and the euro” while in the U.S. “deep political divisions leave the course of U.S. policy highly uncertain.”

IMF chief Christine Lagarde last week urged global policy makers to find “collective resolve” as investors worry Greece may default and European banks will be forced to take losses on bonds sold by the region’s most indebted countries. Under an alternative to its growth scenario, the institution predicts the U.S. and Europe could fall back into recession.

The Washington-based IMF said it based its forecasts of a “modest pickup of activity” in advanced economies and of “robust growth” in emerging counterparts on the premise that European policy makers implement the measures to reinforce their bailout mechanism agreed on in July.

IMF Cuts Global Growth. Daily Weather and Energy Newsletter 9/20/2011Financial Markets

It also assumed that volatility in financial markets doesn’t worsen and that U.S. authorities agree on a fiscal plan that both supports the economy and outlines fiscal consolidation over the medium term.

“Key drivers of stronger activity over the near term include the rebound of activity in Japan, the drop in oil and food prices, and solid demand growth in key emerging market economies,” the IMF said.

The IMF predicts growth of 6.4 percent in developing economies this year and 6.1 percent next year, down from 6.6 percent and 6.4 percent forecast in June.

Richer nations will grow 1.6 percent this year instead of the 2.2 percent expected in June, and 1.9 percent next year instead of 2.6 percent, the IMF said.

Japan was the only Group of Seven economy revised higher for this year, with the IMF now seeing a 0.5 percent contraction, compared with a 0.7 percent decline seen in June. Growth in 2012 should reach 2.3 percent, 0.6 percentage point less than in June.

Euro Area Cut

In the euro area, where the IMF cut its prediction to 1.6 percent from 2 percent this year and to 1.1 percent from 1.7 percent next year, injecting capital into banks and restructuring or closing down others is “essential,” the IMF said.

The European Central Bank should lower interest rates if risks to growth persist, the IMF also said. The ECB’s current benchmark rate is 1.5 percent.

In its downside scenario, the IMF assumes that banks need to absorb losses resulting in a 10 percent decrease of their capital as a result of “major financial turbulence in the euro area, combined with a downscaling of expectations for U.S. medium-term growth prospects and real-estate-related financial stress in emerging Asia.”

U.S. Expansion

In the U.S., where the IMF now sees expansion of 1.8 percent next year as the housing market also weighs on the recovery, the fiscal plan is a priority, the IMF said. The Federal Reserve should also stand ready to “deploy new unconventional support for the economy.”

The IMF urged emerging economies to roll back fiscal deficits and to continue raising interest rates, though situations vary across countries. It said that China’s currency remains “substantially undervalued.”

The IMF now assumes oil at $103.20 a barrel in 2011, based on the average prices of U.K. Brent, Dubai and West Texas Intermediate crudes, compared with $106.30 in June. Source

 

Major Media Headlines:

  • Obama offers a $3.6 billion deficit reduction plan that includes a tax on the rich. (Reuters) – Media Digest
  • China to continue to buy U.S. debt. (People’s Daily) - Media Digest
  • Royal Dutch Shell (NYSE: RDS) may get EPA approval to drill in Arctic waters off Alaska. (WSJ) - Media Digest
  • Growing number of Americans worry about being laid off. (NYT) - Media Digest
  • Apple now worth $23 billion, more than Exxon Mobil (NYSE: XOM). (WSJ) - Media Digest

Oil Today:

LNG truck now SmartWay certified

The Model 386 liquefied natural gas (LNG) truck from Peterbilt Motors Co. has become the first U.S. Environmental Protection Agency SmartWay certified alternative fueled vehicle, the company said.

“Peterbilt is proud that the Model 386 LNG has been recognized as the industry’s first alternative fueled vehicle to obtain SmartWay designation,” said Bill Jackson, Peterbilt general manager and Paccar vice president. “The Model 386 LNG SmartWay designated vehicle offers optimal fuel and emissions efficiency with horsepower and torque equal to a diesel-fueled engine, making it the ultimate environmentally sound performance solution for customers, and further demonstrates Peterbilt as an industry leader in developing innovative quality products.”

Peterbilt’s Model 587, Model 386, and Model 384 are also SmartWay designated vehicles for meeting fuel-saving, low-emissions standards.

The 386 LNG truck includes an aerodynamic package designed to handle its workload, which can include line, bulk, and tanker hauling. It includes roof fairings with trim tabs that propel air over the cab and trailer, re-contoured chassis fairings with a “flair” design pushing airflow around the tires and wheels, and an exclusive Peterbilt transition fairing positioned between the cab and detachable sleeper directing airflow over and around the sleeper.

There is also a composite molded sunvisor featuring a Gurney strip design that transitions air more efficiently over the cab while providing glare protection for drivers. Three inch rubber mounts are fastened to the end of the sleeper driving airflow out and around the trailers.

“Peterbilt is always looking to achieve the next level of innovation and operating efficiency,” said Landon Sproull, Peterbilt chief engineer. “Through extensive aerodynamic analysis and testing, Peterbilt engineers combined the industry-leading Model 386 aerodynamic package with the Westport GX engine to provide the most fuel efficient, performance configuration.”

The LNG truck is powered by an EPA-certified 15L Westport GX engine, offering up to 475 hp. and 1,750 lbs.-ft. of torque. It uses high pressure direct injection technology (HPDI), specialized cryogenic fuel tanks, and associated electronic components to facilitate robust performance and reliable operation. Source

 


Weather Updates

Tropical Activity

Atlantic:

For the first time in a while, there are no tropical storms or hurricanes in the Atlantic. What we do have are a couple tropical waves that could become tropical cyclones, one at 0% chance and the other at 60%.

Contact Sun Coast Resources to find out how we can keep you going during and after the storm with 24/7 Emergency Fueling Services!

Email or call toll-free at 800-677-3835 *490! Get ready for the incoming storms!

National Weather Conditions

National Weather Hazards. Daily Weather and Energy Newsletter - 9/20/2011

National Weather Service

The country looks quite clear when it comes to hazards. Aside from flood advisories throughout the country, there is a large area of wind advisories in the Dakotas.

Click on the map to take a closer look at your area.

Subscribe to this blog on the right and get the Daily Weather and Energy Newsletter instantly in your inbox!

[Newsletter 9/19/2011] Europe is struggling, Obama introducing a new deficit deal, Netflix to split company

 

Market Update:

Amid company splits, like Netflix and Tyco, a new deficit plan to cut 3 Trillion in spending over 10 years, and Europe struggles Wall street opened down 200 points this morning. Hopefully some recovery will occur throughout the day.

Obama to Offer Plan to Cut Deficit by Over $3 Trillion

WASHINGTON — President Obama will unveil a plan on Monday that uses entitlement cuts, tax increases and war savings to reduce the federal deficit by more than $3 trillion over the next 10 years, administration officials said.

The plan, which Mr. Obama will lay out Monday morning at the White House, is the administration’s opening move in sweeping negotiations on deficit reduction to be taken up by a joint House-Senate committee over the next two months. If a deal is not enacted by Nov. 23, cuts could take effect automatically across government agencies.

Mr. Obama will call for $1.5 trillion in tax increases, primarily on the wealthy, through a combination of closing loopholes and limiting the amount that high earners can deduct. The proposal also includes $580 billion in adjustments to health and entitlement programs, including $248 billion to Medicare and $72 billion to Medicaid. Administration officials said that the Medicare cuts would not come from an increase in the Medicare eligibility age.

Senior administration officials who briefed reporters on some of the details of Mr. Obama’s proposal said that the plan also counts a savings of $1.1 trillion from the ending of the American combat mission in Iraq and the withdrawal of American troops from Afghanistan.

In laying out his proposal, aides said, Mr. Obama will expressly promise to veto any legislation that seeks to cut the deficit through spending cuts alone and does not include revenue increases in the form of tax increases on the wealthy… Read the full article

 

 

Major Media Headlines:

  • Obama jobs plan geared toward Democrat voters. (Reuters) – Media Digest
  • Moody’s bias on state and local government remains negative. (Reuters) - Media Digest
  • Federal Reserve may set employment and inflation targets. (WSJ) - Media Digest
  • World Bank chief says troubled economies cannot count on help from China. (WSJ) - Media Digest

Oil Today:

Oil is down today on gains by the US dollar against the Euro. Oil is down $2 at ~$86/barrel just after market open this morning.

Oil falls to below $87 in Asia as US dollar strengthens amid Europe debt crisis

SINGAPORE – Oil prices fell to below US$87 a barrel Monday in Asia as investor concerns about Europe’s debt crisis fueled a stronger U.S. dollar.

Benchmark oil for October delivery was down $1.11 at $86.85 at midday Singapore time in electronic trading on the New York Mercantile Exchange. Crude dropped $1.44 to settle at $87.96 on Friday.

In London, Brent crude for November delivery was down 50 cents at $111.72 on the ICE Futures exchange.

The euro has weakened this month amid growing fears that a possible debt default in Greece could trigger similar moves in Portugal, Ireland, Italy and Spain as well as a banking crisis. A stronger dollar makes commodities such as oil more expensive for investors with other currencies.

The euro fell to $1.3666 on Monday from $1.3794 on late Friday.

“We still view euro zone debt issues as challenging to the extent that a long term solution will remain elusive,” energy consultant Ritterbusch and Associates said in a report. “The euro will be proceeding through a renewed weakening phase that will be placing additional pressures on the oil market.”

Investors this week will also be closely watching the outcome of a U.S. Federal Reserve meeting and corporate quarterly earnings results.

In other Nymex trading for November contracts, heating oil fell 2.7 cents to $2.99 per gallon and gasoline futures slid 2.1 cents to $2.74 per gallon. Natural gas for October delivery fell 0.6 cent to $3.80 per 1,000 cubic feet. Source

 

 


Weather Updates

Two tropical waves in the Atlantic. Daily Weather and Energy Newsletter 9/19/2011

National Hurricane Center

Tropical Activity

Atlantic:

For the first time in a while, there are no tropical storms or hurricanes in the Atlantic. What we do have are a couple tropical waves that could become tropical cyclones, one at 0% chance and the other at 60%.

Contact Sun Coast Resources to find out how we can keep you going during and after the storm with 24/7 Emergency Fueling Services!

Email or call toll-free at 800-677-3835 *490! Get ready for the incoming storms!

National Weather Conditions

National Weather Hazards. Daily Weather and Energy Newsletter 9/19/2011

National Weather Service

There are a few areas of flood advisory in Texas, Louisiana, Idaho, and Michigan.

The primary focus for the day is on Montana, North/South Dakota, Wyoming, and Iowa where there are red flag warning, high wind advisories, and fire weather watches. Click on the map to take a closer look at your area.

Subscribe to this blog on the right and get the Daily Weather and Energy Newsletter instantly in your inbox!

[Newsletter 9/16/2011] Wall does the up and down dance this morning while new reports say the US has plenty of oil and gas

 

Market Update:

Wall Street started with gains today and is now pairing losses back down to flat in late morning trades. The Dow is up 13 points at ~11446.

UBS Trader’s Arrest Stuns Family

The father of Kweku Adoboli, the trader accused of losing $2 billion in unauthorized bets at UBS AG, said his son lived a frugal life—even refusing a suggestion one time to buy a car because he didn’t want to pay for parking.

“We are not flamboyant. That is not how we are,” said John Adoboli, 63 years old. “We are simple people.”

The younger Mr. Adoboli, 31, was arrested early Thursday in London after UBS contacted police and accused its trader of fraud. On Friday, he was formally charged with the fraud. The disclosure of the young trader’s massive losses has renewed scrutiny of the Swiss bank’s risk controls.

In a telephone interview from Ghana, the elder Mr. Adoboli said he first heard of his son’s arrest later Thursday, after his son’s girlfriend called from London. The news jolted the family and stunned his father, who often asked his son to return to Ghana and “offer his services” to the fast-growing west African country.

His son wasn’t ready to leave UBS, though.

“It was stressful, but he said he was enjoying work,” recalled Mr. Adoboli of their phone conversations. “Sometimes I would call before I went to bed and he would say: ‘Daddy, I’m still at work.’”

Mr. Adoboli hasn’t spoken to his son since Thursday’s arrest—the calls just go to voice mail. The father said he plans to travel to London next week and try to meet with his son and hear his story.

“I feel bad. Our name is now everywhere in the world. I go to the Internet…” His voice catches. “We are devastated. We are shattered.”

Read the full article

Major Media Headlines:

  • Silver Lake Partners considers a buyout of all or part of Yahoo! (NASDAQ: YHOO). (WSJ, Bloomberg) – Media Digest
  • Netflix (NASDAQ: NFLX) suffers low subscriber growth. (WSJ) - Media Digest
  • International Trade Commission to review Apple’s (NASDAQ: AAPL) smartphone IP win against HTC. (Bloomberg) - Media Digest
  • China begins policies to control rare earth distribution. (NYT) - Media Digest
  • Several central banks to offer dollars to keep liquidity strong at banks. (Reuters) - Media Digest

 


 

Oil Today:

New reports have revealed higher oil and gas supplies, Oil is down almost 2% this morning at 87.78. Here’s a short article on the matter.

Report reveals vast amounts of U.S. oil and gas

A new report revealed that North American oil and gas resources are far greater previously thought.

The report — which was released on Thursday by the industry-led National Petroleum Council — outlines several steps the industry and government can take to responsibly and effectively develop the resources.

The resources will allow the U.S. to reduce – but not eliminate – its reliance on imported fuel while generating millions of jobs, stimulating economic activity and boosting government revenues, according to the report. Visit the article

 

 


Weather Updates

Hurricane Maria. Daily Weather and Energy Newsletter - 9/16/2011

National Hurricane Center

Tropical Activity

Atlantic:

Hurricane Maria has strengthened into a hurricane as it approaches the Isle of Newfoundland.

Contact Sun Coast Resources to find out how we can keep you going during and after the storm with 24/7 Emergency Fueling Services!

Email or call toll-free at 800-677-3835 *490! Get ready for the incoming storms!

National Weather Conditions

National Weather Hazards. Daily Weather and Energy Newsletter - 9/16/2011

National Weather Service

The Northeast faces freezing and frost today and there is freezing in Oregon.

Central Texas may get some rain! That will help the fire issue hopefully.Click on the map to take a closer look at your area.

Subscribe to this blog on the right and get the Daily Weather and Energy Newsletter instantly in your inbox!

[Newsletter 9/15/2011] Wall street is rocky today, Oil makes gains as some EU pressure is lifted; also weather updates for the day

 

Market Update:

US Markets have been up and down today opening with big gains followed by paired losses and now the Dow is heading back up at +~125 points for the day.

US Stocks Near Session Lows As Early Surge Is Pared; DJIA Rises 43

NEW YORK (Dow Jones)–U.S. stocks moved off their highs and approached session lows as investors took a second look at central banks’ effort to pump dollars into the European banking system, a move that underscored those banks’ borrowing troubles.

The Dow Jones Industrial Average rose 43 points, or 0.4%, to 111289 as 11 a.m. EDT approached, shedding more than half the market surge that followed word of the move. Financial and industrial stocks led the Standard & Poor’s 500-stock index to a gain of 5 points, or 0.4%, to 1194. The Nasdaq Composite added 5 points, or 0.2%, to 2577.

Before the start of trading, the European Central Bank said it had decided in coordination with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank to conduct three so-called dollar-liquidity operations with a three-month maturity covering the end of the year.

Investors cheered the move, putting the market on track for its fourth-straight winning session. But traders said that the paring of early gains reflected a more sober view of banks that are struggling under the weight of Europe’s sovereign-debt crisis.

“The market upon a little more serious reflection is saying, ‘This doesn’t change the fundamental fact that a lot of European banks are pretty much broke,’” said John Brady, vice president at MF Global. “There’s nothing to address the value of the sovereign bonds on European banks’ balance sheets.”

The tone had been more cautious earlier, after a handful of discouraging U.S. economic data points. Initial claims for unemployment benefits in the latest week rose to 428,000, compared with expectations for a reading of 415,000.

In addition, the Empire State Manufacturing Index for September, an indicator of New York-area manufacturing activity, worsened to -8.82, compared with expectations of a reading of -4.

Also, the consumer-price index for August showed an inflation rate of 0.4%, and 0.2% when adjusted to strip out prices of food and energy. Economists had expected results of 0.2% and 0.2%, respectively.

“The news is so bad on the jobs front [that] a lot of people are worried about the specter of stagflation rising again,” said Brett Hammond, senior economist at TIAA-CREF. “I think we definitely have the ‘stag-’ but I don’t see the ‘-flation’ part.”

At 10 a.m., EDT, data showed that an index on manufacturing activity in the Philadelphia area remained in negative territory, but improved from a sharp contraction in August.

General Electric gained 1.8% and J.P. Morgan Chase added 1.7% to lead the blue-chip Dow.

Gold futures slid to about $1,781 an ounce as investors backed away from haven assets. The yield on the 10-year U.S. Treasury note jumped to 2.0679% in recent action. Crude-oil futures rose near $90 a barrel. The U.S. dollar lost ground against the euro but gained versus the yen.

In corporate news, shares of UBS dropped 10% after the Swiss banking giant said it would likely post a third-quarter loss after a staff member racked up as much as $2 billion in losses through unauthorized trading.

Elsewhere, Netflix slid 14% after the video-rental company lowered its estimate of third-quarter domestic subscribers, but said it remained convinced that splitting streaming and DVD-by-mail into two distinct services was the right strategic choice.

Vivus added 8.3%. The drug developer said that the Food and Drug Administration agreed to allow it to resubmit early an application to market Qnexa, a drug for the treatment of obesity.

Supervalu rose 3.9% and Whole Foods Market gained 1.8% after Deutsche Bank analysts launched coverage of the supermarket chains’ stocks, making positive comments on both companies’ earnings prospects… Read the full article

Major Media Headlines:

  • The head of the World Bank says the global economy has entered a danger zone. (Reuters) – Media Digest
  • Reuters poll: economists think there is a one-in-three chance the economy will hit a recession. (Reuters) - Media Digest
  • Facebook delays its IPO until late 2012. (Reuters) - Media Digest
  • Gulf drilling increases again. (WSJ) - Media Digest
  • New companies cut start-up staffs in half. (WSJ) - Media Digest

 


 

Oil Today:

Oil is recovering some, but still hovers right below $90/barrel.

Oil rises as concerns ease for eurozone

NEW YORK — Oil climbed near $90 per barrel Thursday on some potentially positive developments in Europe.

The European Central Bank said it will provide banks with enough cash to make lending easier. The ECB coordinated its efforts with the U.S. Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank to offer three-month dollar loans to banks through the end of this year.

Fears of a Greek bankruptcy also subsided as France and Germany reaffirmed their support for the country, insisting that it remains an “integral” part of the eurozone. Greece relies on emergency funds from the European Union.

The news pushed the dollar lower. And oil, which is priced in U.S. currency, tends to rise as the dollar falls and makes barrels cheaper for investors holding foreign money.

Benchmark crude added 77 cents to $89.68 per barrel in New York while Brent crude jumped $2.75 to $112.40 in London.

“It’s a dose of good news,” independent analyst Jim Ritterbusch said. He warned, however, that Europe is far from solving its myriad economic problems. Investors still worry that Greece’s financial troubles will spread to its neighbors and further slowdown a eurozone economy that consumes almost 18 percent of the world’s oil.

Thursday’s announcements out of Europe outweighed a slew of troubling economic reports released in the U.S.

The government said the number of people applying for unemployment benefits jumped last week to the highest level in three months. And industrial production ticked up 0.2 percent last month, lower than July’s 0.9 percent increase.

The Federal Reserve Bank of Philadelphia also said manufacturing in the mid-Atlantic region contracted in September for the third time in four months.

U.S. drivers continue to pay much more this year for gasoline. At $3.623 per gallon, retail gasoline is 89.2 cents higher than it was last year. The Oil Price Information Service estimates that Americans will pay a record $492 billion for gasoline in 2011.

In other commodities trading, heating oil rose 7.1 cents to $3.016 per gallon and gasoline futures increased 5.69 cents to $2.7827 per gallon. Natural gas fell 12.1 cents to $3.918 per 1,000 cubic feet. Source


Weather Updates

Tropical Storm Maria. Daily Weather and Energy Newsletter - 9/15/2011

National Hurricane Center

Tropical Activity

Atlantic:

Tropical Storm Maria hasn’t had any major changes and continues on projected course. Maria should become a weak hurricane.

Contact Sun Coast Resources to find out how we can keep you going during and after the storm with 24/7 Emergency Fueling Services!

Email or call toll-free at 800-677-3835 *490! Get ready for the incoming storms!

National Weather Conditions

National Weather Hazards. Daily Weather and Energy Newsletter - 9/15/2011

National Weather Service

The wide-spread freeze warnings have subsided and are now in small areas like the Great Lakes area, Southern Oregon, and Northern Pennsylvania.

Texas is still suffering from wildfires all over. There is elevated fire risk in Northeast Texas and East Louisiana in the Shreveport area.

There are flooding issues in Nebraska, New Mexico, and Pennsylvania. Click on the map to take a closer look at your area.

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[Newsletter 9/14/2011] US poverty reaches 52-year high, BP shares rise as oil spill blame is spread out, Market updates.

 

Market Update:

Wall street opened up, but has since dropped on data suggesting poverty in the US hitting a 52-year high as the economy continues to worsen. The Dow index is down ~100 points at ~11,006 in mid-morning trades.

Nearly 1 in 6 Americans in poverty, Census says

The ranks of the nation’s poor have swelled to a record 46.2 million — nearly 1 in 6 Americans — as the prolonged pain of the recession leaves millions still struggling and out of work. And the number without health insurance has reached 49.9 million, the most in over two decades.

The figures are in a Census Bureau report, released Tuesday, that offers a somber snapshot of the economic well-being of U.S. households for last year when joblessness hovered above 9 percent for a second year. The rate is still 9.1 percent at the start of an election year that’s sure to focus on the economy and President Barack Obama’s stewardship of it.

The overall poverty rate climbed to 15.1 percent, from 14.3 percent the previous year, and the rate from 2007-2010 rose faster than for any similar period since the early 1980s when a crippling energy crisis amid government cutbacks contributed to inflation, spiraling interest rates and unemployment. For last year, the official poverty level was an annual income of $22,314 for a family of four.

Measured by total numbers, the 46 million now living in poverty are the most on record dating back to when the census began to track in 1959. The 15.1 percent tied the level of 1993 and was the highest since 1983. Read the full article

 

Major Media Headlines:

  • Moody’s cuts ratings of France’s Credit Agricole and Societe Generale as Greek debt trouble spreads. (Reuters) – Media Digest
  • The number of U.S. poor reached 42 million last year. (Reuters)Media Digest
  • U.S. household income falls to 1996 levels. (WSJ)Media Digest
  • Microsoft (NASDAQ: MSFT) shows its new version of Windows, which is meant to more effectively compete with Apple (NASDAQ: AAPL). (WSJ)Media Digest
  • Obama to propose cuts in Medicare and Medicaid as part of new budget proposals. (FT)Media Digest

 

 


 

 

Oil Today:

Oil is hovering just below $90/barrel.

BP shares are up on Oil spill news. Daily Weather and Energy Newsletter 9/14/2011

 

 

 

 

 

 

 

BP Shares Surge on Oil Spill Report

A government report is now spreading the blame for a series of failures leading to the Gulf of Mexico oil spill between BP(BP_) and its contractors, prompting the British oil giant’s shares to spike in the premarket trading.

BP shares were rising 4% to $37.90 after the Wall Street Journal reported that while the report blames BP for trying to cut costs and save time without considering the consequences, it also points the finger at a Transocean(RIG_) drilling rig crew for continuing its work on the Macondo Well despite numerous signs of danger and trouble.

Furthermore, according to WSJ, the report said the main cause behind the accident was a failure of the cement at the bottom of the well to prevent oil and gas from flowing up.

Services company Halliburton(HAL_) would be a key culprit behind this failure, as it was in charge of the cementing process.

Still, the report finds that TransOcean wasn’t at fault for failing to maintain the blowout preventer, according to WSJ.

The government report could be released as early as Wednesday and is expected to contain 50 recommendations for changes to offshore oil work, according to WSJ.

The Macondo Well disaster in the Gulf of Mexico led to one of the worst environmental tragedies in the U.S. history and resulted in the death of 11 men in April 2010.

– Written by Andrea Tse in New York.

 

 


Weather Updates

Tropical Storm Maria. Daily Weather and Energy Newsletter 9/14/2011

National Hurricane Center

Tropical Activity

Atlantic:

Tropical Storm Maria hasn’t had any major changes and continues on projected course.

Contact Sun Coast Resources to find out how we can keep you going during and after the storm with 24/7 Emergency Fueling Services!

Email or call toll-free at 800-677-3835 *490! Get ready for the incoming storms!

National Weather Conditions

National Weather Hazards. Daily Weather and Energy Newsletter  9/14/2011

National Weather Service

North Central US states are facing freeze warnings and freeze watches through the entire area. Conditions are probably dangerous for driving. There are also some winter weather conditions in Colorado.

Texas is still suffering from wildfires all over. In the Austin area alone, over 1,400 homes have been burned down. Relief efforts are booming and many are answering the call for help.

There is still a tropical storm warning off the Florida coast as Maria passes by. Click on the map to take a closer look at your area.

Subscribe to this blog on the right and get the Daily Weather and Energy Newsletter instantly in your inbox!

[Newsletter 9/13/2011] Wall Street trades flat on uncertainty and Tropical Storm Maria misses the US

 

Market Update:

Wall St opens flat on uncertainty

Wall Street opened flat as investors remain uncertain about the direction of efforts to rescue Europe from its debt crisis.

The Dow Jones industrial average was flat, up 0.53 points, or 0.00 per cent, at 11,060.59. The Standard & Poor’s 500 Index was up 3.73 points, or 0.32 per cent, at 1,166.00. The Nasdaq Composite Index was up 15.69 points, or 0.63 per cent, at 2,510.78. Source

 


 

Oil Today:

Oil hovers near $90 amid lower demand forecasts

Oil prices rose to near $90 a barrel Tuesday as a weaker dollar and expectations of falling U.S. stockpiles of crude and gasoline outweighed fresh forecasts of fragile global demand.

By early afternoon in Europe, benchmark oil for October delivery was up $1.47 to $89.66 in electronic trading on the New York Mercantile Exchange. Crude rose 95 cents to settle at $88.19 on Monday.

In London, Brent crude for October delivery was up 9 cents at $112.34 on the ICE Futures exchange.

A weaker dollar contributed to higher oil prices by making crude cheaper for investors holding other currencies.

After falling earlier in the session, the euro recovered to $1.3684 from $1.3666 late Monday in New York, while the dollar dipped to 76.94 Japanese yen from 77.25 yen.

“Oil markets are still showing relative strength. Not only has crude virtually escaped the downward pull of financial markets in past weeks, but it has actually profited from the short-term recovery tendencies,” said analysts at Commerzbank in Frankfurt. “The latest strength is all the more remarkable given that international oil agencies have now also confirmed that the fundamental climate is clouding.”

Investors are also awaiting fresh information on U.S. stockpiles of crude and refined products.

Data for the week ending Sept. 9 is expected to show draws of 2.9 million barrels in crude oil stocks and of 400,000 barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department’s Energy Information Administration , the market benchmark , will be out on Wednesday.

Inventories likely fell due to production and transport disruptions in the Gulf of Mexico caused by Tropical Storm Lee, which hit the region earlier this month.

A recent pledge by the U.S. Federal Reserve to keep lending rates low for the next two years has also helped bolster commodity prices.

“Crude still appear to be supported by oil’s long-term appeal as an asset class amid additional stimulus efforts that include a sustainable low interest rate environment beyond next year,” Ritterbusch and Associates said in a report.

A slowing global economy limited crude’s gains.

The International Energy Agency On Tuesday adjusted downward its prediction of how much more global oil demand there will be this year and next on falling expectations of economic growth.

The Paris-based IEA cut its 2011 demand forecast by 200,000 barrels a day, to 89.3 million barrels a day, while in 2012 daily demand is expected to total 90.7 million barrels, 400,000 barrels less than its expectations a month ago.

Crude production in Libya is expected to speed up over the coming months, with the IEA envisioning exports at 250,000 barrels a day by the end of the year and rising to as much as 850,000 barrels a day by the end of 2012.

Before the fall of Moammar Gadhafi’s regime, Libya was exporting 1.2 million barrels a day to IEA members.

“The prospects for partial restoration of Libyan hydrocarbon supplies in the short term have improved following the fall of Tripoli to rebel forces,” the IEA said in its monthly oil market report. “Damage to production facilities, pipelines, refineries and ports, although believed comparatively light, will need to be fully assessed, and security on the ground assured before major increases in production can be expected.”

The fresh IEA forecast closely reflected the expectations of the Organization of Petroleum Exporting Countries, which also cut its figures for world oil demand because of slumping global economic growth.

In other Nymex trading for October contracts, heating oil rose 0.05 cent at $2.9480 per gallon and gasoline futures gained 1.85 cents to $2.7567 per gallon. Natural gas for October delivery was up 1 cent to $3.895 per 1,000 cubic feet. Source

 


Weather Updates

Tropical Storm Maria. Daily Weather and Energy Newsletter - 9/13/2011

National Hurricane Center

Tropical Activity

Atlantic:

The only active storm right now is Tropical Storm Maria, who is turning northeast towards Bermuda. Maria’s strength should stay down in the TS range.

Contact Sun Coast Resources to find out how we can keep you going during and after the storm with 24/7 Emergency Fueling Services!

Email or call toll-free at 800-677-3835 *490! Get ready for the incoming storms!

National Weather Conditions

National Weather Hazards. Daily Weather and Energy Newsletter - 9/13/2011

National Weather Service

Minnesota and the Dakota’s are facing widespread Freeze watches at the moment. There are flood watches and flash flood watches in Southern California/Arizona.

Texas is still suffering from wildfires all over. There is a tropical storm warning off the Florida coast as Maria passes by. Click on the map to take a closer look at your area.

Subscribe to this blog on the right and get the Daily Weather and Energy Newsletter instantly in your inbox!