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Biggest U.S. Oil Refineries Closing Because of Frigid Air

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Jeffrey Bair and Barbara Powell
·2 min read
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(Bloomberg) -- The largest oil refineries in North America are shutting down because of Arctic conditions that have disrupted power, water and fuel supplies across Texas.

More than 3 million barrels of daily oil-processing capacity has been idled in the wake of record-setting cold, according to consultant Energy Aspects Ltd. The shutdowns portend tightening supplies and higher prices for everything from gasoline to propane in coming days and weeks in cities across the country that rely on the U.S. Gulf Coast for fuels.

Saudi Aramco’s Motiva Enterprises LLC is halting operations at its Port Arthur, Texas, refinery, the nation’s largest, according to an email from the company. South of Houston near Galveston Bay, Marathon Petroleum Corp. shut its plant in response to the chill, Reuters reported.

Meanwhile, Exxon Mobil Corp. shut its massive Baytown refinery near Houston, as well as some units at its refinery in the town of Beaumont about 70 miles (112 kilometers) to the east, spokeswoman Sarah Nordin said. In addition to the cold, the Beaumont closure was also driven by a shortage of natural gas.

Millions Lose Power in Texas as Deep Freeze Sows Market Chaos

Total SE ratcheted down crude processing to minimal levels and shut a key refining unit at its Port Arthur, Texas, plant, a person familiar with operations said. The refinery probably will shut completely within hours as temperatures drop, the person said.

Gasoline futures rose 3.5% to $1.75 a gallon on the new York Mercantile Exchange on Monday.

Oil pipelines, electricity generators and wind farms have been paralyzed by record-setting cold in the nation’s top crude-producing state. Refinery capacity is shrinking at a faster pace than crude production is declining due to the Arctic weather, according to Energy Aspects.

“Disruptions to refining operations could be prolonged if the cold damages any equipment or if the power outages affecting Texas are not resolved quickly,” the consultant said in a note to clients.

(Adds estimate for disrupted refining capacity in second paragraph.)

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Red White & Bloom Arranges Approximately US$13.5 Million to Finance its Closing Costs for Illinois Acquisition RWB Received an $8 Million Warrant Exercise From an Institutional Investor and Signed an Irrevocable $7 Million Non-Convertible Debenture Unit Financing Commitment Red White & Bloom (OTCQX: RWBYF) announced that it has arranged the required cash for the closing of its previously announced acquisition of an Illinois Adult Use and Medical Cannabis Cultivation Center License and Associated Assets. Upon closing, and subject to regulatory approval, the Company intends to introduce both its Platinum Vape and High Times branded products into the Illinois market. “Surpassing USD $1 billion of adult-use sales in only its first year, Illinois has quickly developed into one of the most robust revenue markets in the United States. With the financing now secured, we are thrilled to be one step closer to bringing Red White & Bloom’s nationally-recognized brands to this market. The renewed optimism around the State permitting an additional 75 retail locations further highlights the enormous opportunity Illinois offers.” READ FULL RED WHITE & BLOOM ARTICLE 5. Creso Pharma Makes Move to Accelerate Sales Growth and Increase Profit Margins In Response to a Growing Trend of Direct Inbound cannaQIX Sales Enquiries, Creso is Officially Taking Over the Reins From its Swiss Commercial Partner Doetsch Grether Creso Pharma (OTC: COPHF) announced that the company has brought the sales and marketing of its cannaQIX product inhouse. By doing so, Creso Pharma will be able to improve its profit margin on the product substantially. The move will also set the stage for Creso to extend existing product lines and launch new products such as cannaDOL in Switzerland. READ FULL CRESO PHARMA ARTICLE 4. Incannex Shares Jump as Cannabis/Psychedelic Pharma Company Explores Dual Listing on NYSE or NASDAQ The Timing Seems Right, as Both the Cannabis and Psychedelic Sectors Certainly Seem in Vogue at the Moment, Following Efforts at Regulatory Reform and Increasing Acceptance Around the Globe Incannex Healthcare (FRA: IQI) has announced it will explore a dual listing in the United States, a pioneering step that would give the pharmaceutical development company access to the world’s largest pool of capital as it works to develop cannabis and psychedelic-based therapies. Incannex shares nearly reached a seven-year high after the Melbourne-based company said it had signed EAS Advisors on as consultants to introduce it to U.S. banks and institutions. The aim is to obtain a dual listing on the New York Stock Exchange (NYSE) or the NASDAQ, while also retaining an ASX listing. READ FULL INCANNEX ARTICLE 3. Aurora Posts Q2 Earnings, Touts 562% Spike in ‘International Medical’ Cannabis Sales Total Cannabis Net Revenue Hovered $70.3 Million, Excluding Provisions of $2.7 Million, up 11% Over the Second Quarter of 2020 Aurora Cannabis (NYSE: ACB) released its second-quarter fiscal 2021 Earnings report Thursday afternoon. Here’s what we learned: Medical Cannabis net revenue reached $38.9 million — up 42% versus the second quarter of 2020. That jump was due to a 562% increase in high margin international medical sales. Aurora experienced an adjusted EBITDA loss of $12.1 million. That’s an improvement of $53.1 million over the second quarter of 2020. READ FULL AURORA CANNABIS ARTICLE 2. MindMed Signs Partnership With Swiss Psychedelic Drug Discovery Startup MindShift Compounds AG, Expands Development Pipeline and IP Portfolio with Next-Gen Psychedelic and Empathogenic Compounds As Part of This Partnership, MindMed and MindShift Compounds AG Have Agreed to Develop Next-Gen Psychedelic and Empathogenic Substances Together MindMed (OTCQB: MMEDF) (FRA: MMQ) announced a new partnership with Swiss startup MindShift Compounds AG to develop and patent next-gen Psychedelic compounds with psychedelic or empathogenic properties. The first initial compounds have already been synthesized by MindShift Compounds AG and related patent applications were filed by MindMed. MindMed plans to begin first-in-human Phase 1 clinical trials as early as Q1 2022 through its existing clinical trial platform for psychedelic and empathogenic compounds in Switzerland. READ FULL MINDMED ARTICLE 1. Why Cannabis MSOs Will ‘Outperform S&P 500’ in 2021 Top Cannabis Analyst Pablo Zuanic’s New Estimates Reflect Cantor Fitzgerald’s State-by-State Market Size Assumptions Most U.S. Multi-State Operators (MSOs) will outperform the S&P500 in the year ahead, according to Cantor Fitzgerald analyst Pablo Zuanic. A few standouts in Zuanic’s Thursday note on the space include Ayr Strategies (OTCQX: AYRSF), Green Thumb ((OTCQX: GTBIF) and Jushi Holdings (OTCQB: JUSHF). READ FULL CANNABIS MSOS ARTICLE 'Photo by Matthew Brodeur on Unsplash See more from BenzingaClick here for options trades from BenzingaCannabis Countdown: Top 10 Marijuana And Psychedelics Industry News Stories Of The WeekCannabis Countdown: Top 10 Marijuana And Psychedelic Stock News Stories Of The Week© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Louis’ Way to Play the Green Energy Boom

    One of the simplest ways to generate investment wealth is to watch what the big money is doing, and then align your portfolio with it. Today, massive pools of capital are funneling into the renewable energy sector. As legendary investor, Louis Navellier, writes below, “by 2027, the renewable energy market is estimated to be worth $2.9 billion, an 8.53% compound annual growth rate” and “here in the U.S., the renewable energy sector is set to benefit from the Biden administration’s clean energy initiative, as it is wants to invest nearly $2 trillion in clean energy.”InvestorPlace - Stock Market News, Stock Advice & Trading Tips Big money is already being made — just look at the gains coming from the Invesco Solar ETF, TAN. It’s up more than 425% since last March’s lows. Today, Louis Navellier will tell us which specific renewable energy stock he likes. It operates in a sector niche that’s forecasted to rise at a compound annual growth rate 15.45%. Enough introduction, I’ll let Louis take it from here. Have a good weekend, Jeff Remsburg Why This Solar Stock Hit a New 52-Week High Yesterday By Louis Navellier Even with the coronavirus pandemic, 2020 was still a strong year for renewable energy. In the first quarter of 2020, renewable energy increased 1.5% from the same quarter a year ago. The rise was thanks in part to a 3% bump in renewable electricity generation and more wind availability in the U.S. and Europe. The growing demand was evident in the Invesco Solar ETF’s (TAN) parabolic rise, which tracks renewable energy stocks. From December 31, 2019 to December 30, 2020, TAN surged a stunning 234%. And it doesn’t look like the renewable energy sector will be slowing down anytime soon. By 2027, the renewable energy market is estimated to be worth $2.9 billion, an 8.53% compound annual growth rate, according to Market Research Future. The reality is there’s been a big push for clean energy in recent years. 80% of the world’s biggest economies have pledged to be net zero by 2050. 284 multinational companies also pledged to be 100% clean energy. This includes Amazon (AMZN), whose goal is to run on “100% renewable energy” by 2025. Recently, company management announced that it is buying 380 megawatts (MW) of wind energy from wind farm Hollandse Kust Noord. The plant is set to be operational by 2023, and it’s estimated to generate 3.3 TWh (terawatt hours) each year. Goldman Sachs (GS) has gone so far as to state that “Renewable power will become the largest area of spending in the energy industry in 2021 … we see a total investment opportunity of up to $16 trillion by 2030.” Here in the U.S., the renewable energy sector is set to benefit from the Biden administration’s clean energy initiative, as it is wants to invest nearly $2 trillion in clean energy. So, there’s a lot of funds coming this industry’s way. A Growing Solar Inverter Market Personally, I’m most interested in the solar inverter market, which is forecasted to rise 15.45% at a compound annual growth rate, according to Market Research Future. Solar homes are now mandated in California for new home construction, and electricity is typically sold back to the electricity grid at very low rates. But with the California electricity grid no longer reliable during fire season, more businesses and homeowners are looking to store their electricity in backup systems. These backup systems are also vital for electric vehicles in California and in other major solar markets. These shifts in the solar energy industry bode particularly well for Enphase Energy, Inc. (ENPH), which is also TAN’s biggest holding. This fundamentally superior company was founded back in March 2006, but Enphase Energy made a name for itself in June 2008 when it developed the first microinverter system. Simply put, microinverters sit underneath solar panels and convert all the sunshine to actual electricity for homes and businesses. So, they’re vital to the solar energy industry. And by September 2011, Enphase Energy had shipped one million microinverters. Today, Enphase Energy operates in 21 countries around the world, has more than 300 issued patents and has shipped more than 23 million microinverters globally. The stock has been on fire over the past year, soaring 562% between December 31, 2019 and December 30, 2020 — more than doubling TAN’s performance! And it tacked on even more gains following its blowout earnings report on Tuesday. During its fourth quarter, revenue jumped 26.1% year-over-year to $264.84 million, up from $210.03 million in the same quarter a year ago. Earnings increased 28.2% year-over-year to $0.51 per share, which compares to $0.39 per share in the fourth quarter of 2019. The consensus estimate called for earnings of $0.40 per share on $254.8 million in revenue, so ENPH posted a 27.5% earnings surprise and a 3.9% revenue surprise. For full-year 2020, Enphase Energy achieved earnings of $1.37 per share and revenue of $774.43 million, or 44.2% annual earnings growth and 24% annual revenue growth. These results also topped analysts’ estimates for earnings of $1.27 per share and revenue of $764.46 million. Looking forward to the first quarter in fiscal year 2021, Enphase Energy expects revenue between $280 million and $300 million. That’s up from revenue of $205.54 million in the first quarter of 2020 and nicely higher than analysts’ current estimates for first-quarter revenue of $259.84 million. The stock rallied 14% to a new 52-week high of $229.03 yesterday, and I don’t expect its momentum to slow down anytime soon given the incredible growth expected in the sector. Thanks to my Project Mastermind system, my Accelerated Profits subscribers have been able to enjoy ENPH’s ride higher, as it flagged this stock back in March 2020. The reality is that this system finds fundamentally superior stocks, i.e., stocks with increasing sales and earnings growth and positive guidance, and my Accelerated Profits subscribers reap the rewards. Of course, ENPH isn’t the only stock my Project Mastermind system has found. In fact, just this past Tuesday, I released a Buy Alert for two brand-new recommendations based on my Project Mastermind system’s findings. Both stocks recently reported triple-digit earnings grow for the most-recent quarter and posted double-digit earnings surprises. Even better: Both companies also have triple-digit forecasted earnings growth. These stocks have trekking nicely higher in recent weeks, but it’s not too late to jump in. Both names are still under my buy limit prices, so now is the time to join Accelerated Profits before these stocks really take off. To learn more about my Project Mastermind system and my latest buy recommendations — I’ve recommended six in the past three weeks! — click here now. Sincerely, Louis Navellier The Editor hereby discloses that as of the date of this email, the Editor, directly or indirectly, owns the following securities that are the subject of the commentary, analysis, opinions, advice, or recommendations in, or which are otherwise mentioned in, the essay set forth below: Amazon (AMZN), Enphase Energy (ENPH)The post Louis’ Way to Play the Green Energy Boom appeared first on InvestorPlace.