posted
as I posted this morning,we will probably trade flat between .07's and .09's and other then a few flipping tenths I think we start the incline again next Monday.
Diesel on the rise fast today and also airlines cutting many flights due to fuel cost!
BTW...a severe cold front is coming in and now effecting the Dakota's with snow already and heading south east and we can expect a temp drop here in Maryland the next day or two...also Tropical storm tammy developed this morning off the cost of Florida.
posted
The U.S. weekly petroleum inventories data due out later Wednesday was expected to show drawdowns across the board. A Dow Jones Newswires poll showed commercial crude stocks are expected to fall by 390,000 barrels last week, when Hurricane Rita barreled through the U.S. Gulf Coast.
-------------------- Lookin for the money Posts: 353 | From: CA | Registered: Apr 2005
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AP Oil Prices Up on Drop in Oil Supplies Wednesday October 5, 11:24 am ET By George Jahn, Associated Press Writer Oil Prices Rise After U.S. Data Shows Decline in Oil and Gasoline Supplies
Oil prices rose Wednesday after the U.S. government released data showing declines in oil and gasoline inventories.
Light sweet crude for November delivery rose 25 cents to $64.15 per barrel in morning trade on the New York Mercantile Exchange. The contract fell $1.57 to close at $63.90 on Tuesday.
ADVERTISEMENT Unleaded gasoline futures fell about a penny to $2.005 per gallon, while heating oil futures rose 1.28 cent to $2.06 per gallon.
In its weekly petroleum supply report, the Energy Department said commercial inventories of crude oil fell by 300,000 barrels last week to 305.4 million barrels. That's 12 percent above year ago levels.
The agency said gasoline inventories shrank by 4.3 million barrels to 195.5 million barrels, or 4.5 percent below last year's level. The supply of distillate, which includes heating oil and diesel, fell by 5.6 million barrels to 128 million barrels. Distillate inventories are 4 percent higher than a year ago.
Natural gas futures, which closed at a record high $14.224 per 1,000 cubic feet on Tuesday, jumped an additional 39.6 cents to $14.62.
The Interior Department said Tuesday that heavy damage by Hurricanes Katrina and Rita would mean a slow recovery for offshore natural gas production. The Gulf Coast produces about one-fifth of the product used by U.S. industry and to heat homes. The loss of output is particularly troublesome, analysts say, because there is no emergency stockpile.
"The outlook for winter is grim, and the threat to the U.S. economy is real from extremely high gas prices and shortages," Energyintel analyst Tom Wallin said in a research note.
Concerns over a slowdown in U.S. energy demand have been lingering in the market since Hurricane Katrina drove crude oil prices to a record high of $70.85 a barrel on Aug. 30.
Recent U.S. government and industry data have shown that oil demand has dropped significantly in the past month, apparently as an increasing number of motorists have cut back on discretionary driving.
"The worry in the market is that the impact of hurricanes Katrina and Rita, together with the arrival of winter, may be a significant tipping point in U.S. economic activity," said Victor Shum, energy analyst with Purvin & Gertz in Singapore.
But some traders said energy prices were likely to continue to rise, as a significant demand slowdown would not be immediate.
"It took two years to get here, and a reversal won't be engineered overnight, or in a week or a month," said Mike Fitzpatrick of the brokerage Fimat USA Inc.
Paul Hornsnell, head of energy research at Barclays Capital in London, said he sees crude "stuck between $60 and $70" with many governments expected to step in and cap any higher prices.
"But they can't do much about products prices," which will likely move upward because of continuing supply concerns, Hornsnell added. He estimated losses caused by hurricanes translated into a 200 million barrrel shortfall in refined products.
About 1.35 million barrels a day of oil production in the Gulf of Mexico, or 90 percent of total daily output there, was shut in on Tuesday, down from 93 percent on Monday, the U.S. Minerals Management Service said.
Associated Press Writers Brad Foss in Washington and Gillian Wong contributed to this report from Singapore.
-------------------- Lookin for the money Posts: 353 | From: CA | Registered: Apr 2005
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posted
I beleive the decline is temorary. Winter is soming and demand will go through the roof. Mainly for natural gas. Snow and cold equal a need for heat. Just one persons opinion.
-------------------- Lookin for the money Posts: 353 | From: CA | Registered: Apr 2005
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posted
American Energy Production, Inc., Announces Two Year Extension with Distributor of Maker of AMEP HOA-800
4 October 2005, 09:01am ET MINERAL WELLS, Texas & BROOKLYN, N.Y.--(BUSINESS WIRE)--Oct. 4, 2005--American Energy Production, Inc., (OTCBB:AMEP) announced today that a new two year extension of its exclusive marketing agreement for the heavy oil additive AMEP HOA-800 has been signed with Nature's Path of Brooklyn, New York. Two years ago the original agreement was put into effect to market Nature's Path private labeled Wellvive as AMEP HOA-800 in Texas, Louisiana, Oklahoma and New Mexico. Over the past two years, AMEP has used AMEP HOA-800 on numerous oil wells and has determined that by combining heat with the infused additive there is a significant increase in oil production from a given oil well. Accordingly, AMEP is extending the marketing agreement and purchasing the third multi-drum allotment of AMEP HOA-800.
Lorin Weils, Nature's Path CEO stated, "We are pleased with the success that AMEP has achieved with Wellvive and we look forward to the additional oil production the company will obtain. Nature's Path is pleased to work with AMEP as a strategic partner in the development of our product into this enormous additive market."
-------------------- any day above ground is a good day! Posts: 48 | From: Kentucky | Registered: Aug 2005
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posted
Quest, Thanks for all the great DD you provide This is the first penny I am putting signif money in ...I am watching cnbc they have been talking about the natural gas crisis...I can't understand why with all this news and one prediction they just gave of 20$ nat gas we are not running big today???
-------------------- ....always learning Posts: 18 | From: New Hampshire | Registered: Aug 2005
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Oh, don't worry we will run and run big... We have to just all remember the word patience. .14 is nothing wait until we hit .25! Good luck I'm holding long and strong.
Posts: 216 | Registered: Aug 2005
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newpenny.....many stocks do this,look at a few weeks back when the ONG hit the fan and everyone was in a panic because the U.S. oil supply was in major jeopardy...almost all good oil and gas supply stocks dropped....who would have thought? don't worry when its below 40 degrees in the daytime in Washington Natural gas will hit the fan hard!
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I hope many of you newbies that are new to trading have been watching PAPO...many have been pumping this without real facts,thats why I have been constantly posting I have not made any contact with the company,hell I am not sure they are still in business. Newbies please watch out for these plays,in most cases you will lose due to inexperience,you can make a killing on them if you work them right but if your not privy to the set exits of the clubs you will become a bag holder quick.
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Quest, I appreciate your insight. I've been following this board for about a month now and can tell you are very knowledgeable - thank you for sharing with us newbies!
Posts: 26 | Registered: Sep 2005
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Hey Quest, last time you spoke with AMEP or Charles bitter did they give you an estimated time on when they were going to update us about the new drill? Any info or hint would help.
-------------------- Matthew T. Taber Posts: 216 | Registered: Aug 2005
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LOL...just had to laugh...like the name "redneck"...thanx for the thought though!
as for hints all I know is that the last time they gave us a PR...they folowed with another 4 days later. The rig is done and operational now per our conversation,where its heading I am not sure.
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I only live about 1.5 hours away from Mineral Wells and have numerous conversations with Joe Christopher. I plan on driving over to see their operations soon. I think you & I called him about the same time the other day re: update on the rig. :-)
Posts: 26 | Registered: Sep 2005
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Thank's Quest I really appreciate everything you've done. You and Greeneye on the RB board our the best. All we can do is be patient. One other thing I noticed that a lot of other boards on RB our talking about AMEP and jumping in at these low prices. This is good news for us. Even boards that have nothing to do with energy such as CHID and BRVO. The interest in this company is rediculous. You got love that. Long and Strong!
-------------------- Matthew T. Taber Posts: 216 | Registered: Aug 2005
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posted
Just thought I'd point out the extremely low volume we've had today. Only around 19 million shares traded so far.
Posts: 133 | From: Blacksburg, VA | Registered: Sep 2005
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Quest, I'd also like to thank you for the quality input you have put into this topic!
I don't know if I've posted on this topic before but I have been following it for awhile and I have now riding free shares... I have also talked my son and my girlfriend into buy into AMEP, though it was unfortunately at the peak of the run the other day. :-( But I am keeping them calm. :-)
Posts: 157 | From: IL | Registered: Jul 2005
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