ERCOT Cash – it’s amazing what 6 gigs of wind across the peak does to pricing…mellow yellow baby. Normal temps now and on the horizon – translation low prices and little volatility for the near future. PJM Cash – Baltimore is ALMOST hotter than the hottest place in Texas (95 vs. 98 degrees) AND PJM is lagging against load forecasts – 5 CP mitigation???? Strong flows into ATSI and East Hub kept pricing in those locations strong… NG – natural was heavy most of the day – weather/demand/storage – AND THINKING OF STORAGE--- EIA DAY tomorrow – HIP HIP HOORAY!!! Expectations around 110ish – last year 91 and 5yr average 90 and max injection 114 – all Bcfs…. Gaining on deficit, but is it enuff – Bears say yes and Bulls say no – I say we at the top of the range and something needs to change to blow the top. CL – WTI fell as storage fell less than expected, i.e., less demand for oil and products, but Brent rose as supply concerns continue as IRAQ’s civil war continues… Stocks – RECORD HIGH CLOSE after Janet Yellen suggested the economic activity es muy bueno!! The Fed also cut asset purchases (taper) by another $10 billion – buying only $35 billion of Treasuries and MBS. Like I have said best manufactured equity rally ever – and probably goes higher. In light of the fact that crisis in IRAQ helps energy prices go higher, this probably helps the US economy since our largest manufacturing base is around fracking crude oil and natural gas now. Not to mention as energy prices go up it makes wind and solar power more viable and cost competitive energy sources – downside is consumer energy prices go up too, cost of goods sold increase, finished product prices go up – and that’s why I am paying $9.50/lb for a Ribeye Steak in Texas – INFLATION. So root root for inflation or not?? From Reuters…”Two U.S. senators on Wednesday said they want to raise the federal gasoline and diesel tax by 12 cents a gallon to prevent a fund that pays for about half of the countrys transportation projects from running out of money in August. Republican Sen. Bob Corker and Democrat Sen. Chris Murphy called for raising the tax 6 cents a year for two years and linking future fuel tax increases to inflation.” reuters/article/2014/06/18/us-congress-gas-tax-idUSKBN0ET28G20140618 Awesome!!! So much for saving money by becoming energy independent and providing our own cheap domestic energy – Uncle Sam gonna get his – twice over - tax the oil companies and then tax the end user – no wonder why the Treasury can keep issuing debt that the Fed can continue to buy (tongue and cheek). And let’s not forget the new Carbon Regs too; so that domestic energy supply just got more expensive… I am just going to stop here… For my Bitcoin lovers – now announcing 2014 BITCOIN St. Petersburg Bowl Game!!! Bumping out Beef o’ Brady’s for the naming rights!!! Brilliant or wasted cash by BitPay?? Thanks for the heads up Tina (that’s Scott Price). online.wsj/articles/bitpay-to-sponsor-st-petersburg-bowl-in-first-major-bitcoin-sports-deal-1403098202 BITCOIN - $598 NG – $4.659 Crude - $105.97 SP500 – 1956.98 US 10-Yr – 2.582 Gold – 1277.60
Posted on: Wed, 18 Jun 2014 22:14:16 +0000
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