Stocks opened lower but then traded up as earnings reports continue to hit the news wires. Later in the day markets spiked on positive trade rumors and at the close the Dow was up 163 points on lighter trading volume to finish at 24,370.
US natural gas pipeline biggie Kinder Morgan reported earnings which missed estimates. Revenue was up 4% and net income grew by 19%. The company said 2018 was a transformative year and are expecting a stable and growing business heading forward. In the earnings release, KMI wrote the following which I found interesting: KMI expects future natural gas infrastructure opportunities through 2030 will be driven by greater demand for gas-fired power generation across the country (forecast to increase by 15%), net LNG exports (forecast to increase almost five-fold), exports to Mexico (forecast to rise by 39%), and continued industrial development, particularly in the petrochemical industry. The US energy markets consist of 4 sub-groups not counting flatulent cows. Group one is coal which is in decline. Group two is oil which is flat, group three is natural gas which is growing and group four is renewable energy (hydro, solar, wind) which is growing rapidly. Clean technica reported that in 2018 upwards of 11 gigawatts of coal generated power was retired meaning the plants either closed or switched to natural gas or some other fuel source.
Renton Washington based truck maker Paccar is rolling out a zero-emission class 8 semi-truck in a joint venture with Toyota. Check out the article and video on our Faceplant page. Paccar is the third largest truck maker is the world and owns the Kenworth and Peterbuilt brands in the US. The joint venture with Toyota uses hydrogen fuel to run an electric motor.