February 23rd, 2010
Crude oil prices went up for two weeks in a row as the April contract hit just over $80 for the week. A strong Euro against the Dollar helped as a boost in manufacturing aided the rally. The U.S. Department of Energy reported figures that added to oil and gasoline inventories, but refineries reported running just shy of 80% capacity. This lent support to the bullish underlying tone and helped the market go up.
Consumer optimism is improving according to the oil traders and they brought that into play. Expect a pullback before prices continue higher. The key is $76.70 as a price below could spark a sell-off as the bears would pay attention again.
Tags: $80.00, oil
Posted in
energy, financial, trading |
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February 17th, 2010
President Obama announced that an 8.3 billion dollar loan guarantee would go toward the building of twin nuclear reactors in Burke County, Georgia. This is the first nuclear project in the U.S. since the 1970’s. This was announced as part of the broad energy plan from the Obama Administration. The announcement is expected to garner some congressional Republican support, but just how much remains to be seen.
The news wasn’t exactly a surprise, but President Obama’s timing is interesting in that he seems to be putting forth an effort of reconciliation with the Republicans. Will this work? The President will most likely want more clean energy tax credits and he could use Republican help, even if it only looks good.
Tags: nuclear energy, obama, republicans, tax credits
Posted in
energy |
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February 8th, 2010
China announced the creation of the National Energy Commission to oversee government energy policy. Energy is a top priority now. China’s domestic demand for electricity rises 15% per year. China will need to add nine times as many power generating facilities as the U.S. will.
China now leads the world in solar panel manufacturing, taking that spot two years ago. China now leads the world in wind turbine manufacturing. The U.S. is offering incentives for more energy production. China is moving fast with the market and the increase in wind turbine production has not been sen before according to Vestas China. Renewable energy jobs are increasing in China by 100,000 per year. China seeks to become the world’s leading exporter of energy equipment. Banks in China are offering generous financing to help companies improve the power grid.
Tags: china, energy generation, energy jobs, renewable energy
Posted in
china, energy |
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