INERGY REPORTS RECORD EARNINGS (AGAIN)

We have a number of news items this morning Inergy Holdings and Inergy Partners (NRGP,NRGY) have put up another quarter of record earnings. Stock has been in rally mode going into today's news and it is ex distribtuion today. Briefing.com has it a 3 cent miss and a revenue miss but that doesn't always play out in our group. Calumet Specialty Products reports earnings today and everything appears in line including the compliance of all debt covenants. Magellan Midstream Partners reports earnings and the company says it sees the possiblity of increase distributions in 2010. And we have a slew of ex-distributions today which is a nice thing.

Its been a busy morning in the rest of the market and if you weren't awake earlier stock futures were sharply lower on a NY Times Bank America story about having to raise capital which apparently had errors in it. So the markets were sharply lower and then turned around and rallied when corrections were made. Bank of America needs 35 billion of common stock and not additional capital from the outside. It does not have to raise 35 billion of fresh new dollars. Anyway the markets like this and we are up.

Crude oil has just broken through the 55 dollar level and is up 1 and change. Inventory numbers due out later today. We are less than 30 minutes from a higher open.