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LMAO!!! eom
How I see Brigg going....
but in a barrel Guinness...
Hungary workers get shock at bottom of rum barrel
Thu May 4, 9:49 AM ET
BUDAPEST (Reuters) - Hungarian builders who drank their way to the bottom of a huge barrel of rum while renovating a house got a nasty surprise when a pickled corpse tumbled out of the empty barrel, a police magazine website reported.
According to online magazine www.zsaru.hu, workers in Szeged in the south of Hungary tried to move the barrel after they had drained it, only to find it was surprisingly heavy and were shocked when the body of a naked man fell out.
The website said that the body of the man had been shipped back from Jamaica 20 years ago by his wife in the barrel of rum in order to avoid the cost and paperwork of an official return.
According to the website, workers said the rum in the 300-liter barrel had a "special taste" so they even decanted a few bottles of the liquor to take home.
The wife has since died and the man was buried in a proper grave.
Congrats MWC eom
I'd say $8 isn't out of the question. Next quarter is going to be just as bad....
CQB going DOWN...watching for the bottom
Chiquita Brands International Reports First Quarter 2006 Net Income of $20 Million, or $0.46 EPS
May 04, 2006 16:01:22 (ET)
CINCINNATI, May 4, 2006 /PRNewswire-FirstCall via COMTEX/ -- Chiquita Brands International, Inc. (CQB, Trade) today reported first quarter 2006 net income of $20 million, or $0.46 per diluted share. The company reported net income of $87 million, or $1.94 per diluted share, in the year-ago quarter. The 2006 quarterly results include $50 million of higher costs associated with fuel and transportation, the continuing impact of weather-related events that occurred in late 2005 and higher banana import tariffs in Europe.
"We faced a variety of challenges in the first quarter, including rising industry costs for fuel and transportation expenses as well as the transition to the new banana import regime in the European Union, where tariffs more than doubled this year," said Fernando Aguirre, chairman and chief executive officer. "In addition, we incurred significantly higher sourcing costs due to the continuing effects of tropical storms in late 2005 and our decision to secure replacement fruit to meet customer needs. We expect our banana supply shortfalls versus market demands in North America to continue through the second quarter, but our supply should return to more normal levels by mid- year. We also anticipate higher industry costs, driven by higher fuel-related expenses, which we are mitigating through indexed fuel surcharge policies."
Aguirre added, "In the new EU banana import regime, our banana pricing rose 5 percent in the first two months of the year, which partially offset the tariff increase and other higher costs. However, prices declined 1 percent in March and eroded further in April, despite our ability to maintain a price premium versus the competition. We are competing to win in this important market and remain confident that, after the dust settles, we will have strengthened our leadership position with both customers and consumers."
"Finally, we are very excited about our sustained progress at Fresh Express. We continue to expect this strategic acquisition to generate significant revenue and earnings growth and to be accretive to overall company earnings for the full-year 2006," Aguirre concluded.
DESC news after the bell ) -- San Francisco`s Landmark Transamerica Pyramid Building to Add $3.4 Million Cogeneration Power System
May 04, 2006 16:06:09 (ET)
WAITSFIELD, Vt., May 4, 2006 /PRNewswire-FirstCall via COMTEX/ -- Northern Power, a subsidiary of Distributed Energy Systems Corp. (DESC, Trade), has been awarded a $3.4 million contract by AEGON USA Realty Advisors, a unit of Netherlands-based Aegon NV (NYSE/ADR: AEG). Aegon is one of the top five commercial lenders in the US.
Under the agreement, Northern Power will design, install and commission a 1.1 megawatt (MW) combined heat and power (CHP) system for the landmark Transamerica Pyramid at 600 Montgomery Street in San Francisco, California. The 48-story building, managed by Lowe Enterprises, is known as the "Pyramid," and is located in the heart of San Francisco's financial district.
System Details
Northern Power's CHP system will consist of two 560 kW natural gas-fired reciprocating engine generators, which will operate in parallel with the utility's downtown network grid. The two generators are designed to provide approximately 70% of the electrical requirements of the 530,000 square foot commercial office building. Recovered waste heat from the engines will be used to heat the building, displacing 100% of the steam currently purchased for heating purposes. Additionally, waste heat will drive a 320-ton absorption chiller that will be installed to create chilled water for the building.
Third System in Downtown San Francisco
The project marks Northern Power's third CHP system that will be interconnected with Pacific Gas & Electric Company's downtown network grid. "With the systems we have installed at Equity Office Properties' One Market Street and 201 Mission Street, this project adds to our considerable experience and strengthens our leadership position in the California CHP market," stated Darren Jamison, president of Northern Power. "We look forward to providing more commercial clients in Northern California with exceptional power systems, services and products."
System Qualifies for CPUC Rebate
By recovering waste heat from the engine's exhaust system and using it to meet the building's heating and cooling needs, the power system's overall efficiency will increase substantially. The higher fuel efficiencies to be realized by the CHP system qualify it for an incentive rebate from the Self- Generation Incentive Program of the California Public Utility Commission (CPUC) that would reduce the installed cost of the system by over 15%. Established in 2001, the Program encourages on-site generation in order to reduce peak demand and avoid rolling blackouts such as those experienced by California in recent years.
Key Benefits
Mark Novack at AEGON USA stated: "We expect Northern Power's CHP system to help us achieve three key objectives: to strengthen our environmental commitment, deliver annual energy savings, and increase the competitiveness of AEGON's property in the downtown commercial office market." Novack added, "We chose Northern Power to design and implement the system due to their excellent reputation in California for providing reliable cogeneration systems."
"We are pleased to have been selected by AEGON and Lowe Enterprises to install this solution for its downtown San Francisco landmark," stated Charles "Chach" Curtis, Vice President of Onsite Sales at Northern Power. "This system will offer Lowe greater control over energy use at the Transamerica Pyramid by providing them with a solution for generating their own reliable, efficient and cost-effective onsite power."
About AEGON USA
AEGON USA is the US subsidiary of the AEGON Insurance Group, a leading international financial services organization. Its parent company is Netherlands-based AEGON N.V., one of the largest publicly owned life insurance companies in the world.
About Lowe Enterprises
Over the past 33 years, Lowe has developed, acquired or managed more than $7 billion of real estate assets. The firm maintains offices nationwide. Lowe is widely recognized for the caliber of its projects, the quality and stability of its management team and its proven ability to achieve superior returns on all types of real estate through a variety of cycles. Privately owned by a group of 42 employee shareholders, Lowe currently employs over 8,000 people, with a management team of approximately 250 men and women.
About Northern Power
Northern Power, a Distributed Energy Systems company, offers reliable power systems, services and products to commercial, industrial, government, utility, and military customers. The company also conducts research and development in the areas of renewable energy, distributed generation and hydrogen technology. Founded in 1974, Northern Power is headquartered in Waitsfield, Vermont and employs 200 people with engineering, fulfillment, and customer-support capabilities. The company is a wholly owned operating unit of Distributed Energy Systems Corp. For more information, visit www.northernpower.com.
About Distributed Energy Systems Corp.
Distributed Energy Systems Corp. (DESC, Trade) creates and delivers products and solutions to the emerging decentralized energy marketplace, giving users greater control over their energy cost, quality, and reliability. As the parent company of Proton Energy Systems, Inc. (www.protonenergy.com) and Northern Power Systems, Inc., Distributed Energy Systems delivers a combination of practical, ready-today energy solutions and the solid business platforms for capitalizing on the changing energy landscape. For more information, visit www.distributed-energy.com.
This press release contains forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Statements contained herein concerning Northern Power's and Distributed Energy's goals, guidance, revenue projections and other statements that are not statements of historical fact, including statements concerning the performance of remote power systems, may be deemed to be forward-looking information. Without limiting the foregoing, words such as "anticipates", "believes", "could", "estimate", "expect", "intend", "may", "might", "should", "will", and "would" and other forms of these words or similar words are intended to identify forward-looking information. Northern Power's and Distributed Energy's actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors. Northern Power and Distributed Energy each disclaim any obligation to update these forward-looking statements.
Factors that could cause results to differ materially from those contained in Northern's and Distributed Energy's forward-looking statements include, but are not limited to, failure of our products and systems to perform as specified or achieve commercial acceptance, the impact of competitive products and systems, and other factors detailed in Distributed Energy's Form 10-K for the year ended December 31, 2005, and other filings Distributed Energy may make from time to time with the SEC.
SOURCE Distributed Energy Systems Corp.
Media, Amy Klinger of Northern Power, +1-802-496-2955 Ext. 7289,
aklinger@northernpower.com; or Investors, John Glidden of Distributed Energy Systems
Corp., +1-203-678-2148, john.glidden@distributed-energy.com
EZM - 10,857,140 shares of the issuer’s common stock outstanding.
EZM - uroZinc to Re-Open Aljustrel Zinc Mine
Market Wire - May 4, 2006 2:08 PM (EDT)
Jump to first matched term
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- May 04, 2006 -- EuroZinc Mining Corporation ("EuroZinc or "the Company") (TSX: EZM)(AMEX: EZM) is pleased to announce that Empresa de Desevolvimento Mineiro, S.A. ("EDM") has received approval from the Portuguese government to proceed with signing the addendum to the agreement regarding the purchase and sale of the shares of Pirites Alentejanas, S.A., the operating company that owns the Aljustrel mine (see February 27, 2006 News Release). On the basis of this approval, the Company will commence immediately with the development required to bring the Aljustrel mine into production.
EuroZinc's Country Manager in Portugal, Joao Carrelo, welcomed the ratification of the Term Sheet as "further evidence of the Portuguese Government's clear support for EuroZinc's decision to resume mining operations at Aljustrel." Mr. Carrelo also stated that "all other stakeholders had also actively contributed to this achievement" and that "the belief and investment of EuroZinc and its shareholders in the project over the past five years has made all of this possible." He added that, "the Aljustrel mine is expected to bring greater strategic breadth to EuroZinc and contribute to shareholder value enhancement, while reinforcing sustainable development both regionally and nationally."
EuroZinc recently completed an update of the Aljustrel Project Feasibility Study dated March 31, 2006 (filed on SEDAR as a NI 43-101 compliant Technical Report). The updated report documented a number of recent studies and allowed for the completion of a new economic analysis of the project.
The recent work includes the following:
- Underground drill program (6,703 metres in 65 holes) at the Moinho deposit
- Updated resource estimate of the Moinho deposit by Amec Americas Limited
- Modified mine design and ore delivery system for the Feitais deposit
- Metallurgical test work completed by G&T Metallurgical Services Ltd.
- Process plant engineering by Outokumpu Technology Minerals, Oy.
- Updated capital and operating costs, and forecasted long term metal prices, treatment charges and exchange rates
Key parameters of the new economic analysis of the Aljustrel project are as follows:
- Capital cost: US$ 88.3 million
- Average operating cost: EUR 24.84 (US$27.32) per tonne
- Cash cost of payable zinc: US$ 0.46 per lb. per net of by-product
credits
- Annual average production: 176 million lbs. of zinc, 40 million
lbs. of lead and 1.2 million oz. of
silver per year
- Minimum mine life: 10 years
The updated study assesses the project in the context of the current economic environment and summarizes improvements achieved in the mine plan and process plant. The Company's objective is to ensure that the Aljustrel mine will be a viable, long term project---not just at the current robust commodity prices---and will continue to benefit EuroZinc's shareholders and the local economy of the Alentejo district of Portugal.
EuroZinc plans to finance the Aljustrel project through a combination of debt and the Company's own cash. A mandate letter has been signed with a major European bank to provide the debt portion of the financing. The Company will fund the project immediately with its own cash while the debt facility is put in place. EuroZinc also expects approval shortly of European Union interest free loans and grants of up to EUR 18.3 million (approximately US$23 million). The anticipated start-up date for the mine is mid-2007, once the modifications to the mill have been completed. During the first year of operation ore will be processed from the Moinho deposit, and in the second year and onward ore will be processed primarily from the Feitais deposit.
EuroZinc is a Canadian based mining company engaged in the acquisition, exploration, development and mining of base metal deposits internationally. In addition to the Aljustrel project, the Company currently owns the Neves-Corvo copper mine and has a significant exploration land package on the Iberian Pyrite Belt, all in southern Portugal.
Certain of the information contained herein constitutes "forward-looking statements" within the meaning of the Private Litigation Reform Act of 1995 of the United States. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of EuroZinc Mining Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, metal price volatility, economic and political events affecting metal supply and demand, fluctuations in ore grade, tonnes of ore milled, geological, technical, and mining or processing problems. Although EuroZinc Mining Corporation has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause actual results not to be anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements.
The TSX and AMEX have not reviewed and do not accept responsibility for the adequacy or the accuracy of this release.
Contacts:
EuroZinc Mining Corporation
Colin K. Benner
Vice Chairman & CEO
(604) 681-1337
EuroZinc Mining Corporation
AJ Ali
Executive Vice President & CFO
(604) 681-1337
EuroZinc Mining Corporation
Ron Ewing
Executive Vice President
(604) 681-1337
(604) 681-1339 (FAX)
EuroZinc Mining Corporation
Troy Winsor
Investor Relations Manager
1 (888) 225-9662
www.eurozinc.com
I would say the bottom would be the top end of your range. It'll hold there for several days maybe as long as 6 weeks then back up we go. Hurricane season coming. Price could run to $80 to $85.
Coal by the way will start rising from this point also. Good news for NCOC and other coal companies.
it's moving for ya. Congrats. eom
looking for big gains? >>>Listen to Cramer or Flip a Coin????
Will New Coin-Flip Cramer Study Threaten TheStreet.com? (TSCM)
Related Stocks: TSCM
Almost 9 months have passed since CXO Advisory published results of a study that showed that Jim Cramer’s stock picks were no more successful than flipping a coin.
That study is now out of date, since Mr Cramer (pictured right, courtesy of Dvorak.org) has picked hundreds of stocks since then. So Mark Mahorney of Bloggin Wall Street has performed a new study of Mr Cramer’s stock picks over the last three months. He writes:
TheStreet.com has put up a screener tool to screen against Cramer’s Mad Money stock picks. There’s a rolling 3-month database containing all of his calls… Surprisingly, if you give the screener no specific criteria you can get a list back of all 1885 calls in a table that will dump right into a spreadsheet perfectly…
There are 1077 buy calls and 477 sell calls for a total of 1554 buy or sell calls… The 1077 buy calls are up an average of 2.88%… The 477 sell calls are up an average of 3.52%! They’re not only down, but they’re up by more than the buy calls. Averaging the 1077 gains of 2.88% with 477 losses of 3.52% we get a whopping total gain of 0.5%.
The problems with following Cramer’s 1885 calls on 876 unique stocks giving an average return of basically zero, you’d do just as good throwing darts at the newspaper stock listings and then flipping a coin to see if you wanted to go long or short. If you do buy or sell a stock, there’s no clear indication on what to do with it later. And there’s no calculation of return from a buy point to a sell point or from a sell short point to a buy point for the relatively few calls that have changed direction.
Meanwhile, TheStreet.com Inc. (TSCM) is benefitting enormously from the popularity of Mad Money, despite the fact that TheStreet.com has no contractual rights to the Mad Money TV show. (See TSCM General Counsel’s admission that TheStreet.com has no contractual rights to Mad Money TV and his clarification that TSCM does have contractual rights to some of Mr Cramer’s other performances and a contract with Mr Cramer himself for TheStreet.com.)
VSR - news today...looking goood!
VERSAR, Inc. Awarded $4.5 Million in Additional Iraq Work
May 04, 2006 09:15:32 (ET)
SPRINGFIELD, Va., May 4, 2006 /PRNewswire-FirstCall via COMTEX/ -- VERSAR, Inc. (VSR, Trade) announced today that it has been awarded a new Task Order extending its Professional Engineering Services contract to provide independent Construction Quality Assurance and Construction Management operations in Iraq. Versar has focused its efforts in Iraq at providing its largest client, the U.S. Air Force Center of Environmental Excellence (AFCEE), professional engineering and construction oversight throughout Iraq, in support of AFCEE's reconstruction mission. The new Task Order will fund Versar's Engineering Services operations into October 2006. Versar's Iraq Professional Engineering Services Program has now grown to $15.6 million for the Air Force since it began in October 2004 and $56.2 million for all of its clients in Iraq. The Versar workforce supporting its Iraq reconstruction operations has grown to 360 personnel, with more than 300 professional engineers currently working in every province in Iraq. Versar anticipates a continued steady growth of its Professional Engineering Services throughout the region.
Dr. Ted Prociv, President and CEO of Versar said, "I am proud of the success of our international Professional Engineering Services and Construction Management business and look forward to accelerated growth worldwide. With over 18 months of continued work in Iraq, we now stand out from our competition in the business line of construction management of large, complex projects in dangerous, contested, or remote environments. I am confident that Versar will become the standard-setter worldwide for not only engineering and construction management but also disaster response and emergency management."
VERSAR, INC., headquartered in Springfield, VA, is a publicly held professional services firm supporting government and industry in national defense/homeland defense programs, environmental health and safety and infrastructure revitalization. VERSAR operates a number of web sites, including the corporate Web sites, http://www.versar.com, http://www.homelanddefense.com, and http://www.geomet.com; and a B2B portal for homeland defense products and services, http://www.nbcprotect.com and http://www.dtaps.com .
This press release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended July 1, 2005. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.
Contact: James Dobbs (703) 642-6712
Senior Vice President
Email: jdobbs@versar.com
Investor Relations Contact: Andrew J. Kaplan (732) 747-0702
Barry Kaplan Associates
623 River Road
Fair Haven, NJ 07704
Email: smallkap@aol.com
SOURCE VERSAR, Inc.
James Dobbs of VERSAR, Inc., Senior Vice President, +1-703-642-6712,
jdobbs@versar.com; Andrew J. Kaplan of Barry Kaplan Associates for VERSAR, Inc.,
+1-732-747-0702, smallkap@aol.com
http://www.prnewswire.com
KSW rock on!!! eom
In ZIXI. looks good Buzz. eom
Flybridge - oil prices dropping...down now to $72.25....probably will go somewhat lower. If it consolidates at this level it will go up when oil goes back up...or on more good news. IMHO.
wow! Buzz wakes up! Good looking chart and news...will dd. thanks!
Z
Not really an energy stock...from their 10Q...On December 15, 2005, pursuant to the terms of the Collateral Foreclosure
Agreement, we exchanged our Membership Interests in Well Renewal LLC in partial
satisfaction of the Debentures issued by us. Our debentures totaled $137,900
plus accrued interest. The transfer of the investment in Well Renewal, LLC was
made at its book value of $35,555. The remaining balance of the convertible
debenture is $102,345 plus accrued interest. As of December 31, 2005, we no
longer hold any interst in Well Renewal LLC.
http://knobias.10kwizard.com/filing.php?repo=tenk&ipage=3959500&doc=1&total=31&back=...
Gasoline, crude futures sink as U.S. supply climbs
By Myra P. Saefong, MarketWatch
Last Update: 11:31 AM ET May 3, 2006
SAN FRANCISCO (MarketWatch) -- Crude-oil prices fell under $74 per barrel and gasoline futures lost as much as 3% Wednesday after a U.S. government report showed the first climb in motor gasoline supplies in nine weeks and said crude inventories stood at their highest level in eight years.
Iran and other global trouble spots moved into the backdrop following the supply data, but traders continued to eye the newswires.
The climb in gasoline supply is likely due to "to refineries getting rid of their wintertime supply of blended gas (winter-grade gasoline) and making way for the summer gasoline grade," said commodities trader Kevin Kerr.
Kerr, who also edits Global Resources Trader, a newsletter service of MarketWatch, the publisher of this report, said the market is likely missing supplies of the blending material, ethanol.
"This build is likely the last one we will see in gasoline for a long, long time," he said. "This is giving the market a decent breather, but it will be short lived."
"The ethanol specifications will continue to hamper gasoline supplies," he said, referring to certain fuel requirements that have come into effect this month. And with "hurricane season with three refineries already down -- it could be a very long summer."
Crude for June delivery was last trading down 96 cents at $73.65 a barrel on the New York Mercantile Exchange, after earlier touching a high of $74.99 in electronic trading. The contract was trading close to the front-month futures record of $75.35 hit on April 21.
June unleaded gasoline fell 4.76 cents to $2.1275 per gallon, falling as low as $2.1125. June heating oil also lost 2.78 cents to $2.051 a gallon.
Early Wednesday, the Energy Department said crude supplies rose 1.7 million barrels for the week ended April 28, to total 346.7 million -- their highest level since May 29, 1998. They are 5.3% above the year-ago level.
The American Petroleum Institute separately reported that crude supplies rose 2 million barrels to 346.9 million.
Motor gasoline supplies climbed 2.1 million barrels last week "due to a large build in blending components," the Energy Department said. It was the first rise in the fuel's supplies in nine weeks, according to government data, following a drop of more than 25 million barrels in eight weeks. The report tallied total supplies at 202.7 million, or 4.8% below the year-ago level.
Supplies of the motor fuel were up 4 million at 206.5 million, according to the API.
Meanwhile, distillates, which include heating oil and jet fuel, fell 1.1 million to 114.5 million, or 9.6% above the year-ago level, according to the Energy Department. They fell by 1.3 million to 114.6 million, according to the API.
Global supply risks
Crude has gained almost $3 in the past two trading sessions, pushed up by Iran's nuclear standoff and weekend violence in Nigeria.
In the latest news from Iran, U.S. Under Secretary of State Nicholas Burns said he expects a meeting of the U.N. Security Council and Germany next week to forge a binding resolution on Iran that could allow for sanctions.
Burns made the comments after diplomatic talks in Paris yesterday to discuss the Iranian issue.
On Tuesday, Iranian Foreign Minister Manuchehr Mottaki said Russia and China have told Iran they will veto any resolution that involves sanctions or military action. That could create a rift between the permanent Security Council members - Russia, China, France, the U.K. and the U.S.
Elsewhere, the presidents of Brazil, Bolivia and Venezuela are scheduled to hold crisis talks today aimed at diffusing tensions created by Bolivia's decision to nationalize its oil and natural-gas industries, according to media reports. Brazilian oil giant Petrobras (PBR :last: 99.82-2.35-2.30%) and Spain's Repsol SA (REP :REP29.35, -0.47, -1.6% ) are the two biggest foreign investors in Bolivia's oil and gas sector.
"Brazil, of course is a bit miffed, as they and their oil companies have invested heavily in Bolivia and is concerned as Bolivia supplies half of Brazil's natural-gas consumption ... ," said Phil Flynn, a senior analyst at Alaron Trading.
Natural gas slips
Elsewhere in the energy sector, June natural gas lost 7.6 cents at $6.67 per million British thermal units ahead of the market's own update on U.S. supplies due out Thursday.
Analysts at Fimat USA expect the Energy Department Thursday to report that natural-gas supplies rose 78 billion cubic feet for the week ended April 28, though estimates range between a climb of 45 and 90 billion.
If price support levels continue to hold as May passes, "rising concern about the approaching hurricane season and mounting cooling demand could make this a temporary bottom for the market; the next two weeks are key," said John Kilduff, an analyst at Fimat.
In Wednesday's energy-linked equities trading, benchmarks tracking the oil and gas sectors were lower, with the Oil Service Index ($OSX230.07, -4.91, -2.1% ) losing the most ground. See Energy Stocks.
In other commodities trading, gold futures pulled back from a high of almost $680 an ounce Wednesday. That was the highest price in almost 26 years. See Metals Stocks.
Taking a broad measure of the commodity-futures markets, the Reuters/Jefferies CRB Index was down 0.9% at 373.85 points on the New York Board of Trade. See more of the latest prices for commodity futures. End of Story
Gasoline, crude futures sink as U.S. supply climbs
By Myra P. Saefong, MarketWatch
Last Update: 11:31 AM ET May 3, 2006
SAN FRANCISCO (MarketWatch) -- Crude-oil prices fell under $74 per barrel and gasoline futures lost as much as 3% Wednesday after a U.S. government report showed the first climb in motor gasoline supplies in nine weeks and said crude inventories stood at their highest level in eight years.
Iran and other global trouble spots moved into the backdrop following the supply data, but traders continued to eye the newswires.
The climb in gasoline supply is likely due to "to refineries getting rid of their wintertime supply of blended gas (winter-grade gasoline) and making way for the summer gasoline grade," said commodities trader Kevin Kerr.
Kerr, who also edits Global Resources Trader, a newsletter service of MarketWatch, the publisher of this report, said the market is likely missing supplies of the blending material, ethanol.
"This build is likely the last one we will see in gasoline for a long, long time," he said. "This is giving the market a decent breather, but it will be short lived."
"The ethanol specifications will continue to hamper gasoline supplies," he said, referring to certain fuel requirements that have come into effect this month. And with "hurricane season with three refineries already down -- it could be a very long summer."
Crude for June delivery was last trading down 96 cents at $73.65 a barrel on the New York Mercantile Exchange, after earlier touching a high of $74.99 in electronic trading. The contract was trading close to the front-month futures record of $75.35 hit on April 21.
June unleaded gasoline fell 4.76 cents to $2.1275 per gallon, falling as low as $2.1125. June heating oil also lost 2.78 cents to $2.051 a gallon.
Early Wednesday, the Energy Department said crude supplies rose 1.7 million barrels for the week ended April 28, to total 346.7 million -- their highest level since May 29, 1998. They are 5.3% above the year-ago level.
The American Petroleum Institute separately reported that crude supplies rose 2 million barrels to 346.9 million.
Motor gasoline supplies climbed 2.1 million barrels last week "due to a large build in blending components," the Energy Department said. It was the first rise in the fuel's supplies in nine weeks, according to government data, following a drop of more than 25 million barrels in eight weeks. The report tallied total supplies at 202.7 million, or 4.8% below the year-ago level.
Supplies of the motor fuel were up 4 million at 206.5 million, according to the API.
Meanwhile, distillates, which include heating oil and jet fuel, fell 1.1 million to 114.5 million, or 9.6% above the year-ago level, according to the Energy Department. They fell by 1.3 million to 114.6 million, according to the API.
Global supply risks
Crude has gained almost $3 in the past two trading sessions, pushed up by Iran's nuclear standoff and weekend violence in Nigeria.
In the latest news from Iran, U.S. Under Secretary of State Nicholas Burns said he expects a meeting of the U.N. Security Council and Germany next week to forge a binding resolution on Iran that could allow for sanctions.
Burns made the comments after diplomatic talks in Paris yesterday to discuss the Iranian issue.
On Tuesday, Iranian Foreign Minister Manuchehr Mottaki said Russia and China have told Iran they will veto any resolution that involves sanctions or military action. That could create a rift between the permanent Security Council members - Russia, China, France, the U.K. and the U.S.
Elsewhere, the presidents of Brazil, Bolivia and Venezuela are scheduled to hold crisis talks today aimed at diffusing tensions created by Bolivia's decision to nationalize its oil and natural-gas industries, according to media reports. Brazilian oil giant Petrobras (PBR :last: 99.82-2.35-2.30%) and Spain's Repsol SA (REP :REP29.35, -0.47, -1.6% ) are the two biggest foreign investors in Bolivia's oil and gas sector.
"Brazil, of course is a bit miffed, as they and their oil companies have invested heavily in Bolivia and is concerned as Bolivia supplies half of Brazil's natural-gas consumption ... ," said Phil Flynn, a senior analyst at Alaron Trading.
Natural gas slips
Elsewhere in the energy sector, June natural gas lost 7.6 cents at $6.67 per million British thermal units ahead of the market's own update on U.S. supplies due out Thursday.
Analysts at Fimat USA expect the Energy Department Thursday to report that natural-gas supplies rose 78 billion cubic feet for the week ended April 28, though estimates range between a climb of 45 and 90 billion.
If price support levels continue to hold as May passes, "rising concern about the approaching hurricane season and mounting cooling demand could make this a temporary bottom for the market; the next two weeks are key," said John Kilduff, an analyst at Fimat.
In Wednesday's energy-linked equities trading, benchmarks tracking the oil and gas sectors were lower, with the Oil Service Index ($OSX230.07, -4.91, -2.1% ) losing the most ground. See Energy Stocks.
In other commodities trading, gold futures pulled back from a high of almost $680 an ounce Wednesday. That was the highest price in almost 26 years. See Metals Stocks.
Taking a broad measure of the commodity-futures markets, the Reuters/Jefferies CRB Index was down 0.9% at 373.85 points on the New York Board of Trade. See more of the latest prices for commodity futures. End of Story
I know!......
Jumped in the tub full of Guinness. Drunk little bugs just floating around in the tub. Hilarious! All yelling STFU!!! LMAO!
Z
scratch scratch scratch...oh SHIT! eom
26. 12 1's. eom
it does mean Fat Fuck!...depends of the translation. lol! Z
LMAO!!! --- Has Bernanke's credibility taken a hit?
Off-the-cuff weekend remarks reported Monday, roil financial markets
WASHINGTON - Fledgling Federal Reserve Chairman Ben Bernanke may have a hard time recouping his credibility after off-the-cuff remarks over the weekend made it onto the airwaves on Monday, roiling financial markets.
CNBC anchor Maria Bartiromo waited until late afternoon Monday to report that Bernanke had told her at a journalists' dinner on Saturday that traders had misread his congressional testimony last week.
"Federal Reserve Chairman Bernanke told me over the weekend that the media and the markets basically got it wrong last week in speculating that the Fed is done raising interest rates," she said moments before a live interview with Chicago Fed President Michael Moskow.
"Bernanke also told me it is worrisome to him that anyone would think of him as dovish, though that feeling did permeate last week," she added.
As Bartiromo, speaking from the Chicago Mercantile Exchange, turned to interview Moskow, the pit exploded into activity, with traders screaming orders in the background.
Her report knocked down prices for U.S. stocks and government bonds, while driving the dollar higher as traders saw them as suggesting more interest-rates rises ahead than they had expected after the testimony.
CNBC
While some did not see his comments as markedly different from his remarks on Capitol Hill, other market participants were dumbstruck that the head of the world's mightiest central bank would seemingly try to tweak his message with a brief aside at a social event, and cast it as a rookie mistake.
"First of all, the idea that the chairman of the U.S. Federal Reserve is disseminating policy via network reporters at off-hours dinner parties is absurd," said Steen Jakobsen, chief investment officer at Saxo Bank in Copenhagen.
"Frankly, I think it hurts the Fed ... and Bernanke has lost serious credibility," he added.
‘Ignobale retreat?’
Alan Ruskin, head of strategy at RBS Greenwich Capital Markets in Greenwich, Connecticut, said the remarks looked like an "ignoble retreat" from Bernanke's testimony to Congress on Thursday, when he said the Fed may consider pausing in its 22-month campaign to push interest rates higher to assess incoming data.
"It comes off as a great example of over-communication and a possible attempt to over fine-tune, assuming he was willing to go on the record with these comments," Ruskin said.
Not everyone, however, was willing to make that assumption.
"This criticism implies the action was a deliberate part of the Fed's communication to the markets, but to us it looks very likely this was inadvertent," Washington-based Tom Gallagher of investment advisory firm ISI Group told clients.
"His clarification seems to have been delivered informally in a conversation at ... a forum where ground rules are pretty ambiguous," he said in a note, adding that Bernanke was likely surprised to see his remarks reported.
The comments came during a social aside at the annual black-tie White House Correspondents Association dinner, where hundreds of reporters mingle with sources in government, along with sports and entertainment celebrities.
Journalists see the dinner, which features a speech by the president, as a chance to cement or establish bonds with people they cover, said Martha Kumar, a political science professor at Towson University in Towson, Maryland.
"The tacit understanding that most people go on is that it's a social occasion, and you're not bringing them there to put them under the microscope," she said. "For that, you don't want to hold them to on-the-record statements."
Fair game
Still, there is no rule that says guests' remarks at the dinner are off limits, past presidents and board members of the correspondents' group said.
"I don't think there's any specific policy regarding conversations," said the Associated Press's Mark Smith, who led the association over the past year. "If a dinner guest wishes to say something off the record, that's up to him or her to make clear ahead of time."
Kumar said Bernanke should have been aware his remarks could circulate more widely.
A spokeswoman for the Fed declined to comment.
CNBC spokesman Kevin Goldman said Bartiromo and an executive from Wall Street firm Goldman Sachs were escorted by a Wall Street Journal reporter to a Journal-hosted table where Bernanke was sitting.
CNBC's Goldman said the investment firm executive asked Bernanke a question, which he declined to answer. Bartiromo then asked a question and this time Bernanke responded.
"CNBC respects all off-the-record conversation, of course, and this was not off the record," Goldman said. Asked why the report had appeared so late in the day, he noted that CNBC does not broadcast on the weekend and that Bartiromo knew no one else had the story.
"We're fine with the way this story broke," he said.
June gloom already I guess. The Old Boy is under the weather....I know what he needs .... "Zeptepi is an Ancient Egyptian term. Mythologically, zeptepi refers to THE first time - the time when the world was created and the Gods walked the earth. This was a time of perfection, when all was well and everything worked as it should."
Feel better Buzz? NOW GET BACK TO WORK!!!!
TIA BUZZ!
Z
Ya! What he said! Your peeps are coming up with great plays! Waiting breathlessly.
JK!
Z
what a dumb ass. lol! thanks for info. eom
lol! U got profit be happY!!! eom
MWC - got in on the news this morning... .055 thought that new news would take it over .06 easy...but volume isn't like yesterday. But holding it so far.
Missed EDEX yesterday... darn!
MWC...nope not...I'll look at now though. I was SVP under Doug years ago. He was a real ass. Drove that business into the ground. (imho) eom
stocks4john - what happened to Doug M. ??? Fired his ass I hope.
FMNJ breaking through .06 .055 x .06 )) eom
MWC -
pinkie...could run on this news...imho...
Franklin Oil & Gas, Bolivia and YPFB Partnership Not Affected By Nationalized Natural Gas Industry
May 02, 2006 11:55:01 (ET)
LAS VEGAS, May 02, 2006 (BUSINESS WIRE) -- Franklin Mining, Inc. (OTC Pink Sheets:FMNJ) CEO Jaime Melgarejo issued the following statement concerning news reports of Bolivia's military having taken control of gas fields.
"On Monday, May 1, 2006, President Evo Morales ordered the military and executives of YPFB to take control of Bolivia's energy industry including gas fields, pipelines and refineries. This action was not altogether unexpected in that one of President Morales' campaign promises was to nationalize the natural gas industry if elected. President Morales has also repeatedly said he will not expropriate foreign companies' assets.
"Franklin Mining's newly formed subsidiary, Franklin Oil & Gas, Bolivia, is a Bolivian corporation and has previously signed a Memorandum of Understanding with YPFB for construction and operation of a gas-to-liquid plant in the Santa Cruz department. Our MOU appears to be in full accord with requirements of President Morales' decree.
"Franklin Oil & Gas, Bolivia continues working with their La Paz attorney, Quintanilla & Soria, and continues to move forward with implementation of our YPFB partnership agreement. The Franklin Oil & Gas, Bolivia and YPFB partnership MOU signed last week might be the first new operating contract under President Morales' May 1 decree.
"Whether or not our partnership agreement is recognized as the energy industry's first new operating contract, we are honored to have been chosen by YPFB to be their partners in constructing and operating Bolivia's first gas-to-liquid plant producing diesel fuel and other natural gas liquids."
DISCLOSURES:
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in Franklin Mining Inc.'s filings with the Securities and Exchange Commission. These risks could cause Franklin Mining Inc.'s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Franklin Mining Inc.
Additional information on company operations is found at our website http://franklinmining.com. To receive future company announcements by e-mail, please send your contact information to info@franklinmining.com.
SOURCE: Franklin Mining, Inc.
FMNJ news -- Franklin Oil & Gas, Bolivia and YPFB Partnership Not Affected By Nationalized Natural Gas Industry
May 02, 2006 11:55:01 (ET)
LAS VEGAS, May 02, 2006 (BUSINESS WIRE) -- Franklin Mining, Inc. (OTC Pink Sheets:FMNJ) CEO Jaime Melgarejo issued the following statement concerning news reports of Bolivia's military having taken control of gas fields.
"On Monday, May 1, 2006, President Evo Morales ordered the military and executives of YPFB to take control of Bolivia's energy industry including gas fields, pipelines and refineries. This action was not altogether unexpected in that one of President Morales' campaign promises was to nationalize the natural gas industry if elected. President Morales has also repeatedly said he will not expropriate foreign companies' assets.
"Franklin Mining's newly formed subsidiary, Franklin Oil & Gas, Bolivia, is a Bolivian corporation and has previously signed a Memorandum of Understanding with YPFB for construction and operation of a gas-to-liquid plant in the Santa Cruz department. Our MOU appears to be in full accord with requirements of President Morales' decree.
"Franklin Oil & Gas, Bolivia continues working with their La Paz attorney, Quintanilla & Soria, and continues to move forward with implementation of our YPFB partnership agreement. The Franklin Oil & Gas, Bolivia and YPFB partnership MOU signed last week might be the first new operating contract under President Morales' May 1 decree.
"Whether or not our partnership agreement is recognized as the energy industry's first new operating contract, we are honored to have been chosen by YPFB to be their partners in constructing and operating Bolivia's first gas-to-liquid plant producing diesel fuel and other natural gas liquids."
DISCLOSURES:
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in Franklin Mining Inc.'s filings with the Securities and Exchange Commission. These risks could cause Franklin Mining Inc.'s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Franklin Mining Inc.
Additional information on company operations is found at our website http://franklinmining.com. To receive future company announcements by e-mail, please send your contact information to info@franklinmining.com.
SOURCE: Franklin Mining, Inc.
coal up .35 yesterday...oil up again today 74.15 (so far)....coal sector reporting great profits....weeeeeeeeeeeeeeeeeeeeee!
oh I see you like her 88's now I understand....have another brew. lol! Z
couldn't she have waited till after the close? She'll get slapped for that one.
oh brother....CNBC anchor says Bernanke feels misunderstood by media
Print | RSS Feed | Disable live quotes
By Greg Robb
Last Update: 3:40 PM ET May 1, 2006
WASHINGTON (MarketWatch) -- Noted CNBC news anchor Maria Bartiromo announced on the air that she had a private conversation with Fed chief Ben Bernanke at a Washington dinner on Saturday and Bernanke told her that the media misunderstood his remarks. In testimony to Congress on Thursday, Bernanke said: "there is ... the possibility that if there is sufficient uncertainty, that we may chose to pause, simply to gain more information to learn better what the true risks are and how the economy is actually evolving." This remark was interpreted by the markets as a signal that the Fed would pause in June. Bartiromo said that Bernanke told her that he was trying to create flexibility for the central bank and data would determine rate moves. End of Story
actually looks like news is having a positive effect on NCOC ....weeee! lol! eom
Rawnoc - FCL going up again on their news could pull the whole sector up again....
Foundation Coal Updates Net Income, Earnings per Share Guidance
May 01, 2006 14:40:01 (ET)
LINTHICUM HEIGHTS, Md., May 01, 2006 (BUSINESS WIRE) -- Foundation Coal Holdings, Inc. (FCL, Trade) today announced that it is updating its full year 2006 financial guidance for net income and earnings per diluted share as result of updates to its expectations for 2006 depreciation, depletion and amortization and 2006 amortization of coal supply agreements. The previous full year 2006 guidance for total revenues, adjusted EBITDA, capital expenditures, coal production, coal shipments, and percentage of shipments committed and priced is unchanged. This update to the full year 2006 financial guidance involves non-cash components of the consolidated statement of operations, and, therefore, is not expected to have any impact on cash flows.
he updated full year 2006 financial guidance is as follows:
Revised Guidance
($ in millions, except per-share amounts)
Revised Previous
------------------------ ---------------------- ----------------------
Net income $90 - 120 $70 - 100
------------------------ ---------------------- ----------------------
Earnings per diluted $2.00 - $2.60 $1.50 - 2.15
share
------------------------ ---------------------- ----------------------
Depreciation, depletion $180 - 190 $205 - 215
and amortization
------------------------ ---------------------- ----------------------
Amortization of coal ($15) - (20) ($10) - (20)
supply agreements
(credit to expense)
------------------------ ---------------------- ----------------------
Foundation Coal Holdings, Inc., through its affiliates, is a major U.S. coal producer with 13 coal mines and related facilities in Pennsylvania, West Virginia, Illinois, and Wyoming. Through its subsidiaries Foundation Coal employs approximately 3,000 people and produces approximately 70 million tons annually, largely for utilities generating electricity. Foundation's corporate offices are in Linthicum Heights, MD.
Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company's Form 10-K for the fiscal year ended December 31, 2005 filed with the Securities and Exchange Commission, copies of which are available from the Company.