More Fun in Washington D.C. Over Budget Cuts

Can these people ever come to the table ?

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Who blames anyone for leaving….pray for the best case scenario folks…..

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Dept of Energy reports that:

• Crude oil inventories had a build of 1745K (consensus is a build of 1300K)
• Distillate inventories had a draw of 2601K (consensus is a draw of 1400K)
• Gasoline inventories had a draw of 4174K (consensus is a draw of 1500K)
• The change in refinery utilization was 1.4% (consensus is 0.00%)

Production

U.S. crude oil refinery inputs averaged nearly 14.2 million barrels per day during the week ending March 11, 239 thousand barrels per day above the previous week’s average. Refineries operated at 83.4 percent of their operable capacity last week. Gasoline production decreased last week, averaging 8.7 million barrels per day. Distillate fuel production decreased last week, averaging 4.1 million barrels per day.

Imports

U.S. crude oil imports averaged nearly 8.7 million barrels per day last week, up by 381 thousand barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged about 8.3 million barrels per day, 536 thousand barrels per day below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 648 thousand barrels per day. Distillate fuel imports averaged 161 thousand barrels per day last week.

Inventory:

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.7 million barrels from the previous week. At 350.6 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 4.2 million barrels last week and are in the upper limit of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased by 2.6 million barrels and are above the upper limit of the average range for this time of year. Propane/propylene inventories increased by 0.3 million barrels last week and are in the lower limit of the average range. Total commercial petroleum inventories decreased by 5.1 million barrels last week.

Demand:

Over the last four weeks, motor gasoline product supplied has averaged about 9.1 million barrels per day, up by 1.4 percent from the same period last year. Distillate fuel product supplied has averaged about 3.9 million barrels per day over the last four weeks, up by 3.8 percent from the same period last year

Point gainers:

PANL (43.69 +5.51), CMG (263.50 +5.50), NMKPRC (86.00 +5.00), CF (128.90 +4.12), PPO (58.50 +3.76), SINA (94.69 +3.34), SUP (22.43 +3.25), APKT (74.21 +2.92), BTU (67.87 +2.74), NETL (40.76 +2.62), BIDU (124.84 +2.61), EEI (17.70 +2.58), CXO (105.44 +2.56), IPGP (55.17 +2.56), CRZO (33.35 +2.56), VRA (36.13 +2.52), PCLN (463.78 +2.44), WLT (118.26 +2.43), PEET (48.42 +2.42), AMZN (167.49 +2.41), SHG (86.75 +2.38), GMCR (61.33 +2.34), RRC (52.44 +2.30).

Point Losers:

AAPL (338.89 -6.54), FSLR (154.16 -4.75), SWU (121.21 -4.29), IBM (155.82 -3.20), LGL (14.50 -3.08), WTM (352.36 -2.64), ISRG (324.02 -2.18), CAJ (43.84 -1.89), DEG (79.00 -1.84), TPL (42.06 -1.67), IX (47.44 -1.61), ATE (16.40 -1.57), SRCL (85.14 -1.40), HBC (50.55 -1.35), WBK (111.02 -1.33), CPL (79.60 -1.28), SNP (99.53 -1.25), BAP (105.32 -1.23), JKS (25.54 -1.18), CEO (222.21 -1.16), SNN (54.21 -1.10), CHL (45.86 -1.09), PHI (48.14 -1.09)

Reports say NFLX is looking to be a digital streaming movie content provider…

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Should make tracking funds much easier; as well as sending money to your cash poor recipients…

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Extending on the collaborative functions…

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According to an IHS study

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List of solar companies

According to research done on tax returns La Raza is getting paid….

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Being dubbed forclosegate; the Obama administration would like to levy $30billion in fines to nations top banks

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Now will that be the guys caught for porn or real regulators who do some work?

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Guess the fear of meltdown is non existent enough to provide some transparency…..

According to a congressional panel

See here

Gapping up

ONP +36.5%, IMOS +14.0%, APT +13.4% (light volume), PANL +7.4%, VRA +6.8%, RAME +6.1% (light volume), AIR +4.7% (ticking higher), UHS +2.2%.

Uranium related names are modestly rebounding: URG +5.7%, URRE +3.8%, UEC +1.9%, DNN +1.3%, CCJ +1.3%.

Select oil/gas related names showing strength: LEI +11.5%, ROYL +6.6%, TIV +6.5%, LNG +2.1%, CHK +1.8%, WLT +1.2%.

A few coal names are also ticking higher: PCX +1.6%, BTU +1.5%, ACI +1.0%.

Other news:  RMBS +7.9% (announces it has renewed its patent license agreement with Toshiba Corporation), HIT +3.6% and SNE +0.4% (modestly rebounding), ERIC +2.6% (issues statement on situation in Japan; not expected to have material impact on 1Q11 sales), BTU +1.3% (Cramer makes positive comments on MadMoney).

Analyst comments: BBT +1.2% (upgraded to Buy from Hold at Deutsche Bank)

Gapping down

In reaction to disappointing earnings/guidance: ORCC -26.9% (also announced last night that it has terminated its evaluation of potential business combinations, downgraded to Neutral from Buy at Janney Montgomery Scott), PSUN -7.2%, CHL -2%.

Select financial related names showing weakness:  HBC -3.6%, BCS -3%, STD -2.8%, UBS -1.4%, DB -1.1%.

Other news: HQS -4.4% (to postpone fourth quarter and fiscal year 2010 earnings release date), AMLN -3.4% (Amylin Pharma and Takeda voluntarily suspend clinical activities in Obesity Trial), ENER -3.4% (ticking lower; weakness attributed to tier 1 firm downgrade), SIHI -2.3% (announces $11 mln registered direct offering at $2.30 per share ), CCL -1.6% (still checking for anything specific).

Analyst comments:  IBM -1.7% (downgraded to Market Perform from Outperform at Bernstein), RIG -1.3% (initiated with Sell at Guggenheim), AAPL -0.7% (downgraded to Market Perform from Market Outperform at JMP Securities), TEF -0.7% (downgraded to Underperform from Neutral at Exane BNP Paribas).

The congressional oversight committee said a depression was avoided, little has been done to help home owners, and that the “they might have sowed the seeds” for another crisis…..

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Sale of mortgage collection unit expected

Goldman acquires India’s Bench Mark Asset Management

Finding a job can be hard enough, but now companies are taking 4x longer than normal to fill positions withe the best of the best….

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Inflation for food and commodities rose to 2.4%.  Some analysts expect this rate of inflation to prompt ECB to move interest rates higher, while others say Japan may prevent a hike…..

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Markets seemed satisfied that downside has largely been priced in for the moment….

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