The natural gas fuel stocks are surging with heavy volume this morning ahead of an Obama speech in which he’s expected to lay out his energy policy in order to reduce dependence on foreign oil. It’s expected he’ll outline a variety of initiatives which will include increased US oil production and ethanol production as well as a push for natural gas as a fuel. The goal will be to reduce oil imports by about a third over the next 15 years. I’ll have some text of the speech posted this evening.
Shares of Westport Innovations (WPRT) which makes the engines and other components needed to run on nat gas fuel are up more than 10% this morning and breaking out of a long base to a new all time high. It doesn’t get too much more bullish than that. The stock is also being aided by a press release out of Ford saying that they want to expand in the nat gas fuel space. More on this in a bit.
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Shares of Clean Energy Fuels (CLNE) are also up about 10% this morning and clearing resistance of the 200 day moving average for the first time since last July. I believe a long term bottom is in for CLNE.
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Shares of Fuel Systems Solutions (FSYS) are up too, but technically still weak. A long term bottom may be close, but I need to see a convincing move above that resistance area of the 50 day moving average.