Shares of ethanol producers dropped after a Citi Investment Research analyst said some small to mid-size companies might have to shut down soon after severe flooding in the Midwest boosted corn prices.
Analyst David Driscoll said the floods caused “irreparable damage to this year’s crop” and pushed prices up, harming ethanol margins.
“As a result of [...]

The Energy Department’s Energy Information Administration said in its weekly report that natural gas inventories held in underground storage in the lower 48 states rose by 80 billion cubic feet to nearly 1.89 trillion cubic feet for the week ending June 6.
The inventory level was slightly below the five-year average of about 1.91 trillion [...]

Citi Investment Research analyst Faisel Khan says the EIA report shows low refinery utilization has reduced inventories of gasoline, “but with crude rally continuing, refining stocks remain under pressure.”
Most refiners’ shares fell in afternoon trading. Holly Corp. lost 56 cents at $40.36. Valero Energy Corp. gave up 24 cents at $44.36, and Tesoro Corp. dropped [...]

Shares of solar power companies rose after German lawmakers reached a tentative agreement on a smaller reduction in state subsidies to solar companies than some investors feared.
Lawmakers agreed to cut the nation’s so-called feed-in tariff by 8 percent in 2009 and 2010, and 9 percent for each subsequent year. The law requires utilities to buy [...]

XTO Energy is acquiring oil producing properties and undeveloped land from Headington Oil for $1.85 billion in cash and stock.
XTO Energy Inc. will buy 352,000 acres of Bakken Shale land in Montana and North Dakota. XTO estimates there are 68 million barrels of oil equivalent in proved reserves on the land. The acquisition will increase [...]

Investors warmed to shares of solar energy products makers again as a Jefferies & Co. analyst upgraded shares of a solar wafer maker and another praised the sector’s strong fundamentals.
Analyst Paul Clegg raised Evergreen Solar Inc. to “Buy” from “Hold” in a note to investors, saying the stock’s recent price decline makes it an attractive [...]

Nothing but blue skies for shares of many solar products makers, as a Citi Investment Research analyst said prospects look good for continuation of government solar tax credits.
Analyst Timothy M. Arcuri said in a client note that his “contacts indicate the House Ways and Means Committee is likely to propose a new bill that will [...]