Solar Stocks Pale as Oil Continues Lower, Obama Abandons Ozone Ambient Air Rules (TAN)
Stocks in the Solar sector are continuing a recent downtrend Friday as crude oil remains near 2011 lows. As measured by the Claymore/MAC Global Solar ETF (NYSE: TAN), the solar group is down more than 4.5 percent this afternoon, down about 8.5 percent since Monday's close, and down more than 42 percent since the beginning of May.
Crude oil trading on the NYMEX is currently down 2.8 percent to around $86.44 per barrel. A barrel of oil is down nearly 25 percent since the highs of this year. Oil traders are responding to a wave of concerning weather heading for the US coast. In the Gulf of Mexico, a tropical depression has just formed into Tropical Storm Lee. Recent data suggests the storm has shut in nearly 48 percent of crude oil input in the region. Elsewhere, on the other side of Florida, Katia still far out in the Atlantic has just regained Hurricane status. The storm will be nearing the Bahamas about mid week. The NHC currently expects Category 3-strength winds from Katia by September 7th.
Certainly not helping Friday, President Obama has asked the EPA to remove proposed regulations which would limit ozone emissions which eventually cause smog.
The downside comes with general optimism related to next week's European Photovoltaic Solar Energy Conference and Exhibition.
Oil and the stocks of alternative energy providers normally trade in tandem, as the theory goes, due to a dependence of one on the other: as oil moves higher, the need for alternatives to oil grows.
Around the sector:
Crude oil trading on the NYMEX is currently down 2.8 percent to around $86.44 per barrel. A barrel of oil is down nearly 25 percent since the highs of this year. Oil traders are responding to a wave of concerning weather heading for the US coast. In the Gulf of Mexico, a tropical depression has just formed into Tropical Storm Lee. Recent data suggests the storm has shut in nearly 48 percent of crude oil input in the region. Elsewhere, on the other side of Florida, Katia still far out in the Atlantic has just regained Hurricane status. The storm will be nearing the Bahamas about mid week. The NHC currently expects Category 3-strength winds from Katia by September 7th.
Certainly not helping Friday, President Obama has asked the EPA to remove proposed regulations which would limit ozone emissions which eventually cause smog.
The downside comes with general optimism related to next week's European Photovoltaic Solar Energy Conference and Exhibition.
Oil and the stocks of alternative energy providers normally trade in tandem, as the theory goes, due to a dependence of one on the other: as oil moves higher, the need for alternatives to oil grows.
Around the sector:
- First Solar (Nasdaq: FSLR) down 7.2 percent
- Trina Solar (NYSE: TSL) down 8.7 percent
- Yingli (NYSE: YGE) down 5.7 percent
- Suntech (NYSE: STP) down 5.2 percent
- LDK Solar (NYSE: LDK) down 4.1 percent
- JA Solar (Nasdaq: JASO) down 4.6 percent
- JinkoSolar (NYSE: JKS) down 9 percent
- ReneSola (NYSE: SOL) down 5.3 percent
- Canadian Solar (Nasdaq: CSIQ) down 7.3 percent
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