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IAEA Confirms Spent Fuel Temperatures Getting Hotter

Per their Facebook page (how fucking retarded), the IAEA said the following:

Spent fuel that has been removed from a nuclear reactor generates intense heat and is typically stored in a water-filled spent fuel pool to cool it and provide protection from its radioactivity. Water in a spent fuel pool is continuously cooled to remove heat produced by spent fuel assemblies.  According to IAEA experts, a typical spent fuel pool temperature is kept below 25 ˚C under normal operating conditions. The temperature of a spent fuel pool is maintained by constant cooling, which requires a constant power source.

Given the intense heat and radiation that spent fuel assemblies can generate, spent fuel pools must be constantly checked for water level and temperature. If fuel is no longer covered by water or temperatures reach a boiling point, fuel can become exposed and create a risk of radioactive release. The concern about the spent fuel pools at Fukushima Daiichi is that sources of power to cool the pools may have been compromised.

The IAEA can confirm the following information regarding the temperatures of the spent nuclear fuel pools at Units 4, 5 and 6 at Fukushima Daiichi nuclear power plant:

Unit 4

14 March, 10:08 UTC:  84 ˚C

15 March, 10:00 UTC:  84 ˚C

16 March, 05:00 UTC:  no data

Unit 5

14 March, 10:08 UTC:  59.7 ˚C

15 March, 10:00 UTC:  60.4 ˚C

16 March, 05:00 UTC:  62.7 ˚C

Unit 6

14 March, 10:08 UTC:  58.0 ˚C

15 March, 10:00 UTC:  58.5 ˚C

16 March, 05:00 UTC:  60.0 ˚C

The IAEA is continuing to seek further information about the water levels, temperature and condition of all spent fuel pool facilities at the Fukushima Daiichi nuclear power plant.

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NIKKEI Futures Plummet

With the Yen going “full retard” versus the dollar and euro in after hours trade, NIKKEI futures are plummeting, now indicating a drop of 4.55%.

In after hours trade, the Yen is up more than 4% versus the dollar and 6% versus the euro.

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Dollar and Euro Cratering Versus Yen

Even though Japan will need to borrow billions upon billions for rebuilding efforts, the yen is hitting new highs against the dollar. It’s been rumored that Japan will repatriate money invested overseas. It’s worth mentioning this serves as a double hammer to the face and guts to Japanese exporters, already dealing with supply chain disruptions. Essentially, the dollar/yen cross, via some sort of epic short squeeze, is adding insult to injury and may be the straw that breaks the Bank of Japan’s back.

At the moment, the dollar is cratering versus the yen, down 4% for the day. The Euro is now down 5.6% versus Yen.

UPDATE: The British pound is down 6.5% vs yen.

Real time 1 day chart of USD/JPY cross

Japanese futures are indicating down 1.7%.

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Leave Tokyo

Foreign governments are warning its citizens to leave Tokyo. This includes France, U.K. and Australia. However, oddly enough, the United States has not made such statements.

The French Foreign minister is quoted as saying “Let’s not beat about the bush, they’ve essentially lost control.”

U.S. Ambassador to Japan, Mr. Roos, said: ‘The United States will continue to make its judgement (on whether citizens should leave), which is based on the primary importance of the health and safety of the American citizens in Japan. ‘That will continue to be our number-one objective, and we will do anything we feel necessary in order to protect their health and safety.”

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U.S. Deploys Radiation Monitors to Hawaii

The EPA said: “work with its federal partners to deploy additional monitoring capabilities to parts of the western U.S. and U.S. territories.”

The monitors will be checking air, water, milk and precipitation quality for dangerous radiation levels.

Monitors are also being sent to Guam and the Aleutian Islands.

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Crack Spreads are Soaring

As of right now, crack spreads are up 5.4% to $23.55.

Despite the market turmoil, generally, the refiners are unscathed to up.

Top performer in the sector: WNR, DK, ALJ

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Adobe Systems, Salesforce.com, and Autodesk May See Revenues Hurt from Japan’s Debacle

According to Walter Pritchard of Citigroup he has reported that 7-8% of software revenues come out of Japan. Adobe Systems, ADBE,  might be the most affected with 10-15% of their revenues coming out of Japan in any given quarter. Salesforce.com, CRM,  and Autodesk, ADSK,  may also be hurt.

as reported on Bloomberg TV

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Yen Hits 15 Year High Against the Dollar

Analyst recommending a short on the Yen a few days ago and to go long the dollar. A stop was recommended between 78-80. Now that the Yen has hit 80, a 15 year high, perhaps shortly in twill be time to put on this trade.

Full Story

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Oil Inventories: Market Expects 2.52M / Actual 1.75 Million Barrel Build…Refinery Utilization up 1.5%…Report Inside

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

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Movers and Shakers This Morning

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)

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