In this issue:

Renewables remain a tiny sliver of the global energy supply, but their growth rate puts fossil fuels to shame. We’ve compiled a global roster of the companies profiting from the rapidly growing adoption of solar and other renewable technologies. One of these has been a big winner for us over the last year, and we have an update on its busy spring as well as the other solar picks in our portfolios.

While oil production isn’t growing nearly as fast, the current price markdowns amid a global glut are providing a big boost to the charter rates for the tankers hauling crude and refined fuels. We’re adding three new tanker stocks to the portfolios while dropping one and taking a partial profit on another.

We’ve already recommended taking a partial profit on Williams (NYSE: WMB) as well following its rejection of Energy Transfer Equity’s (NYSE: ETE) merger bid. But our analysis suggests this courtship could still work out. 

Portfolio Update

• EuroNav (NYSE: EURN) added to Aggressive Portfolio. Buy below $18

• DHT Holdings (NYSE: DHT) added to Aggressive Portfolio. Buy below $10

• Scorpio Tankers (NYSE: STNG) added to Aggressive Portfolio. Buy below $12

• Frontline (NYSE: FRO) dropped from Aggressive Portfolio

• Teekay Tankers (NYSE: TNK) position cut in half in Aggressive Portfolio

• First Solar (NASDAQ: FSLR) position cut in half in Growth Portfolio

Commodity Update

The price of oil remains under pressure as worries about the Greek default compound concerns about global growth. WTI was down more than 2% over the last two week to $58.57/bbl near midday Monday, while Brent crude traded at $62.19/bbl. Natural gas prices firmed up slightly to $2.81 per million British thermal units (MMBtu), up $0.05/MMBtu over the last two weeks and $0.21/MMBtu in the past month.

In Other News

• Coal producers and 23 states won a crucial court case as the U.S. Supreme Court ruled that the U.S. Environmental Protection Agency (EPA) overstepped its mandate in limiting emissions of mercury and other toxins from power plants without considering compliance costs

• The Energy Information Administration (EIA) reports that retirements of coal-fired and nuclear power plants, and higher than average temperatures led to “much higher” natural gas consumption this spring in the eastern half of the U.S.

• Williams (NYSE: WMB) rejected a $48 billion takeover offer from Energy Transfer Equity (NYSE: ETE)

• Pope Francis issued a 184-page encyclical emphasizing the urgency of addressing climate change

• A World Bank arbitration tribunal announced that Venezuela’s bid to annul a $1.6 billion compensation award to ExxonMobil (NYSE: XOM) for nationalizations should be decided by the second quarter of 2016

• The Federal Energy Regulatory Commission (FERC) has denied a request by the Sierra Club to reconsider its approval of two additional Cheniere Energy (NYSE: LNG)  production facilities slated to boost Sabine Pass LNG’s production by 50%     

• After all the angst over rising crude oil inventories in the spring, inventories have now fallen for eight straight weeks