Happy earth day everybody!

The happy day when everyone does what they can to save the planet. The poor planet has been able to survive 4.5 billion years on its own and now since we stupid humans evolved we have managed to screw up the poor planet in just a few measly millenniums! So go out and plant a tree or stay home turn off your computer and do your commodity charts the old fashion way with paper and pencil. Oh wait, then we will be killing trees! All right do your charts on recycled paper. There now I feel better. The Energy Report has done its part to save the planet.

When it comes to Treasury Secretary Tim Geithner we don't want him to save the planet, just the economy. Maybe Tim Geithner can't save the earth or the economy but yesterday he sure saved the stock market. The entire marketplace seemed to be preparing for real bad news on banks. All of the rumors swirling around about the US banking system and stress about the stress tests seemed to ease when Tim Geithner said that the most banks are well capitalized. Forget the International Monetary Fund and World Bank projection of a cool 4.1 trillion dollars in losses due to the global economic crisis and the fact that it will tackle at least 1.1 trillion dollars to fix it, Tim's statement was enough to turn the stock market around and take oil up with it.

It is no surprise to anyone that has been watching oil for the last few months that oil will rally when stocks look good. Yet what may come as a surprise to those short term oil watchers is we could actually have an oil inventory report that showed a decline in oil supply. Well that is what happened in a pleasantly surprising American Petroleum Institute report.

The API reported that weekly crude stocks fell about 1.0 million barrels last week. That is right they FELL! Wow, finally! And not just in Cushing Oklahoma though they fell there also. Crude imports were up 1.8 million barrel. Gas stocks up 107,000 and distillates up 458,000, if the DOE confirms these numbers the market will look very friendly. Oil is tickling the buy zone! It should be good times to start establish bullish oil positions as well as products. If we have no more big stock sell offs and if the earnings continue along the path we have seen (as in some better some worse) we could be seeing oil close to a bottom.

Natural gas on the other hand still is weak as it is being less influenced by the impact of currency fluctuations. It will focus more on the current weak demand and over supply.

Now the best way to save energy for earth day, turn off all the lights in your house and tune your TV to the Fox Business Network. Do not then change the channel for the rest of the day. Might make those remote batteries last longer. your green tip for the day!