Energy Bill Passed…Who Profits?
The US House of Representatives
passed the Energy Policy Act 2005 by a vote of 275 to 156. The bill
includes $14.5 bln in tax breaks for oil and gas producers and utilities. The
Senate is expected to vote tomorrow.
Crude Oil
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high today, while Natural Gas
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for the third straight day.
Exxon Mobil
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quarterly profits. The 123-year old company’s earning rose 32% to $7.64 bln,
$1.23 per share, beating analyst expectations by +$0.01. Revenues were 88.57 bln.
Silver
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+1.35% hit another record high today in London and New York. The London Metals
Exchange reported inventories are near 30-year lows, down 44% this year despite
rising 7.9% this week.
Phelps Dodge
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PowerRating) +0.19% reported Q2 earnings were
$4.52 per share earlier today, beating analyst forecasts by +$0.24. Net income
grew to $682.3 mln, up from $226.6 mln last year. PD stated critically low
inventories will keep copper prices high in Q3.
Corn
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+1.71% were the best performers as the entire grains sector closed higher.
Coffee
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PowerRating) +2.36% rallied sharply today and
formed a wide-range day, opening near the low and closing near the high.
Pork Bellies
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PowerRating) +1.60% followed
yesterday’s limit up move by gapping higher today. Short term indicators are
very overbought but that hasn’t been able to stop the market of late.
Only 3 out of the 42 futures contracts we list closed lower
today.
Economic News
Jobless Claims, New Claims – Actual 310K Consensus 320K
Help-Wanted Index – Actual 38
Ashton Dorkins