I cannot stress enough especially today.DO NOT SELL OR TRADE ANY GOOD OIL AND GAS STOCKS TODAY..why? Right now this hurricane alone has caused at least 18 refineries to flat out shut down so far not to even mention offshore rigs and based on predicted damages who knows when they will reopen.This storm will not hit this area until about 3 to 4pm today and will last over 24 hours,if you sell any good ONG stock before close today chances are you will not get them back anywhere near what you sold them for on Monday or anytime next week at all.Also...DO NOT SELL ANY COMPANIES STOCK THAT IS INVOLVED WITH NATURAL GAS...why? Simply watch any news channel for that answer,NG will set record highs every day coming up soon and when people start getting their utility bills they to will realize what effect this is going to have on our economy...at least a 71% increase,I think that may even be conservative estimates.I am not just speaking of AMEP....I MEAN ANY GOOD QUALITY NATURAL GAS STOCKS that may even be involved in heating oils. People we have over 60 days left in the tropical hurricane season...you really think Rita is the last one? Who really knows,but the 2 hurricanes within one month is going to be enough to change the way we see how we should really be prepared to use resources in our own country.If you do not own any oil and gas stocks I recommend taking a position in any good quality stock at open today.
Good luck to all and let wisedom guide your actions today...not greed.
I hold ZENX and AMEP...looking at AVLN and even though I rarely play the pinks I'll be watching BTSI and DPRK...but price for price I am still heavy on AMEP,far to much upward movement to go.I sold QOIL too early but may take another position there.
Texas has 26 refineries that account for more than one-fourth of the nation's refining capacity, mostly along 300 miles of Gulf Coast from the Louisiana border to Corpus Christi. That's right in the path that weather forecasters predict for Rita, which became a Category 5, 175-mph behemoth Wednesday and was expected to make landfall this weekend.
GALVESTON, Texas — Hurricane Rita (search) gained power and headed toward a collision with the nation's biggest concentration of oil refineries along the Texas coast, raising new fears about the nation's gasoline supply and prices at the pump.
as of 8:45am this morning 28% of the United States refineries are now down.
look for $5 a gallon by Monday imo...you can have all the oil you want,if you can't refine it its useless.
the market monkeys have had their way today and scared many out of good ONG stocks...after this weekend when it really sinks in that the Natural gas and oil situation is actually a crisis then Monday should be flooding in with buys.
for weeks natural gas has been talked about,almost all are in agreement that the increase will be at least 71% by mid winter,this morning CNN had someone that stated to expect a 100% increase or more witin months talking about the current conditions of supply and demand and lack of reserves.
AMEP is setting up to drill into their Barnett areas sitting on top of 30 trillion cubic feet of N gas,should be tapping wells with the next 10 days or so,they already have about 25 set up and producing now in other areas,news will be released soon imo.
U.S. Henry Hub nat gas pipeline has leak-governor Sat Sep 24, 2005 10:00 PM ET SINGAPORE, Sept 25 (Reuters) - The gas pipeline that links to the Henry Hub delivery point for U.S. natural gas contracts has a leak due to damage sustained from Hurricane Rita, the governor of Louisiana said on Sunday.
"We understand there is a gas leak and ... a possible shearing of an oil storage tank," Gov. Kathleen Blanco told CNN television channel in the United States.
She did not give any further details as to the extent of the damage but said they would need to plug the leak or flare the gas as it presented a danger.
Sabine Pipeline LLC, a unit of Chevron (CVX.N: Quote, Profile, Research) , which owns and operates the Henry Hub, did not immediately return phone calls.
The New York Mercantile Exchange on Friday declared force majeure on remaining September natural gas deliveries due to the closure of the Sabine Pipeline, which operates the key Henry Hub delivery point in Erath, Louisiana.
On Thursday, Sabine shut down its pipeline ahead of Hurricane Rita's expected landfall along the U.S. Gulf Coast and declared force majeure, the exchange said in a statement
September 24, 2005
Distillate leaks at natural gas hub following Hurricane Rita
ABBEVILLE, La. (CNN) -- A distillate used in processing natural gas was leaking Saturday night from a rupture at Henry Hub in Louisiana, which connects numerous natural gas pipelines in the region, but state officials said the incident posed no danger to residents.
Henry Hub is at the Sabine Pipe Line Henry Gas Processing Plant in Erath, La., part of Vermilion Parish. Vermilion was one of the three parishes worst hit by Hurricane Rita.
The officials said the chemical was leaking from a tank into a levee meant to contain such spills. The cause of the leak was being investigated. (Posted 10:15 p.m.)
Gas threat fuels energy crisis By Carl Mortished, International Business Editor
AMERICA’S energy industry was on tenterhooks yesterday, anticipating a natural gas emergency as Hurricane Rita shifted eastwards towards Port Arthur, Texas, on a trajectory to the heart of America’s gas industry.
The slight shift may spare the US refinery industry but will threaten Henry Hub, a gas facility that connects a web of pipelines, linking the Gulf of Mexico gasfields to the Midwest, south east, and New England.
Damage to Gulf Coast facilities would increase a price that has already jumped to a record level this week of $14 (£7.90) per million Btu. The US is short of natural gas, its onshore wells are nearly spent and September is a critical month when gas companies fill storage tanks before winter demand.
A key gas pipeline serving Henry Hub was shut down yesterday as a precaution, cutting off supplies and also causing Nymex, the commodities exchange, to declare force majeure on gas futures contracts that specify Henry Hub as the delivery point. Two thirds of the Gulf of Mexico’s gas output was shut yesterday, along with 92 per cent of oil production, as platform operators evacuated staff from offshore facilities. Fifteen refineries closed.
I own CRZO stock and it pulled back Friday......Hanging on tight...this company is drilling right in my neighborhood. All land in the Barnett Shale area in Texas is being leased by many different oil & Gas companies. This company is drilling 2 wells behind our property line this week. They have multiple wells in this area. They are truly a can-do company and are still pretty reasonable compared to others in this area. Do your DD and I think you will be impressed. They are getting ready to lay a new pipeline in our neighborhood.
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I totally recommend being in a good natural gas stock asap.I am reposting this news for a good reason.
Natural Gas: Flameout Ahead? By Mark Morrison SEPTEMBER 27, 2005 Businessweek Online
Depending on the full extent of hurricane damage, ever-higher prices could even turn into shortages -- with dire economic impacts While the preliminary damage report for Gulf Coast refineries indicated all but a few would be able to restore many of their operations within a week, the assessment from offshore Gulf oil and gas production areas looked far more sketchy and will probably take more than a week to fully evaluate.
The reason: Oil-field workers will have to travel back to distant sites by boat or helicopter for inspections. And not until deep-sea divers check out wells and connecting pipelines can energy companies know how much damage Rita truly did.
"EVEN MORE PRECARIOUS." While the final answer will hold great importance for future oil and gas prices, what matters most will be the short-term impact on natural gas production. Americans were already anticipating a wildly expensive winter. Home heating bills in parts of the Midwest, for example, were expected to jump a staggering 70% even before calculating the effect of Rita. Now the price could go even higher.
Some economists are actually warning that outright shortages are possible. Cambridge Research Associates' Mike Zenker raised this specter at the National Association of Business Economists confab held this week in Chicago. As he noted, the outcome will depend on the extent of Rita's damage and the severity of weather in the winter months ahead. But the U.S. is now much more susceptible to shortages because of Rita than it was before, he argues.
"Rita has made a precarious situation even more precarious," says Zenker. "Because of the storms we have probably lost the equivalent supply of at least seven to nine days of gas consumption." That adds up to a scary amount, considering that U.S. industry was already losing some of its competitive ability due to high natural gas prices.
FEEDSTOCK URGENCY. What could happen? When a natural gas shortage occurs, most states give first priority to residential gas users. Commercial customers come next.
Electric utilities that serve both household and industrial customers are a wild card: These power companies have chosen gas as the fuel for almost all their new capacity in recent years and have built little capability to use such energy sources as oil or coal. Industrial concerns -- many of them hooked on clean-burning gas since the 1990s when it was readily available and affordable -- come last in most states.
A curtailment can also affect some companies that urgently need gas not as a source of power but as a feedstock to make products. Without enough gas to operate, some businesses, such as those that make chemicals or fertilizers, will have to suspend production or consider moving more of their production to foreign locations where natural gas costs less than one-tenth the U.S. price -- and where the supply appears more reliable.
LAYOFFS POSSIBLE. Long before Katrina and Rita, the natural gas industry was trying to persuade Washington that the U.S. is hurting itself with policies that encourage a premium resource such as natural gas to be treated as a commodity and burned instead of coal or other alternatives to generate electricity.
In the short term, gas shortages and rationing could lead to an ugly winter of layoffs and lower economic growth. In the long term, the free-for-all market for scarce gas will lead some American companies to outsource yet more of their manufacturing -- and jobs.
AP Crude Oil Prices Ease on Product Concern Tuesday September 27, 5:40 pm ET By Madlen Read, AP Business Writer
Crude Oil Prices Ease Amid Continued Product Concern As Rita Damage Is Still Being Assessed The loss of natural gas is potentially even more worrisome, analysts said, because disruptions to crude output can be offset by barrels from the rest of the world, plus the government's emergency reserve. There is no such safety valve for natural gas, and the country's ability to import liquefied natural gas is limited.
More than 78 percent of daily natural gas output remains blocked in the Gulf as of Tuesday, the U.S. Minerals Management Service said. The region is the country's main source for the product.
CNBC est right now claiming N gas is even far worse then expected,talking about the Henry Hub still down and absolutely no N gas being produced and gets worse everyday and we are now confirmed that there is a very short supply and virtually zero reserves.
American Energy Production, Inc. engages in the acquisition, development, production, exploration for, and the sale of oil and gas in the United States. The company, through its subsidiary, Bend Arch Petroleum, Inc., holds 1116 acres in Pinto, Texas, and also a 50% interest in 400 acres in Parker County, which includes five producing natural gas wells, as well as natural gas pipeline.
This does not include the Barnett zone which is the largest and going to be the most active.