posted
Alright, anyone remember about 2 weeks ago, after the first flirtations with .03, the MMs drove the price back down to .0205, I believe.
Two days later, it broke through .03.
Looks like the same thing is going on here with the MMs trying to reload for the next run ...
Posts: 412 | From: NYC | Registered: Aug 2005
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posted
Anyone watching the news??? expect gas to hit $5.00 or so,right now its moving up in Maryland to well over $3.
also..
NYMEX declares force majeure due to Rita
NATURAL GAS WILL EXPLODE MONDAY!!!!!!!
5 minutes ago NEW YORK (Reuters) - The New York Mercantile Exchange said Friday it declared force majeure on 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 a pipeline ahead of Hurricane Rita's expected landfall along the Gulf Coast and declared a force majeure, the exchange said in a statement
posted
Force Majeure literally means "greater force". These clauses excuse a party from liability if some unforseen event beyond the control of that party prevents it from performing its obligations under the contract. Typically, force majeure clauses cover natural disasters or other "Acts of God", war, or the failure of third parties--such as suppliers and subcontractors--to perform their obligations to the contracting party. It is important to remember that force majeure clauses are intended to excuse a party only if the failure to perform could not be avoided by the exercise of due care by that party.
When negotiating force majeure clauses, make sure that the clause applies equally to all parties to the agreement--not just the licensor. Also, it is helpful if the clause sets forth some specific examples of acts that will excuse performance under the clause, such as wars, natural disasters, and other major events that are clearly outside a party's control. Inclusion of examples will help to make clear the parties' intent that such clauses are not intended to apply to excuse failures to perform for reasons within the control of the parties.
Basically it means that parties involved have removed themselves from any liabilities ...
... in essence, it's a 'crap is about to hit the fan and there's nothing we can do about it' clause. All bets are off, pretty much, and most guidelines or rules in effect will be pulled due to an emergency-type state.
Anyone got any qualifying insight on this?
Posts: 412 | From: NYC | Registered: Aug 2005
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posted
Because the country's supply of natural gas is in BIG trouble ... and AMEP's projections say that they have A LOT of NG to offer.
Posts: 412 | From: NYC | Registered: Aug 2005
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posted
I have talked to a lot of big investors lately, and they are all putting their money into natural resources right now...last time I checked NG was a natural resource with no reserves...this has just started IMO...
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It's all in the timing... Posts: 4303 | From: DSA | Registered: Dec 2003
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posted
Another thing: remember a few days ago when we had some info posted from conversations with Bitters regarding increased revenues due to Katrina? He said that the price they get for oil and Natural Gas is set at the beginning of the month, and they get that price for the entire month. He added that the big guys try to hold down prices at the beginning of the month so that they could lock in lower contract prices... Katrina's shock came at the beginning of the month, after prices had been set for September. Now prices are up, and will likely go higher next week, just in time to lock in high prices for all of october...
Posts: 133 | From: Blacksburg, VA | Registered: Sep 2005
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posted
Akira...your pretty close to being accurate,in simpler terms the meaning is that major companies will not be responsible for any issues caused to anyone due to lack of natural gas including life threatening such as lack of heating,N gas supplied electrical issues and so on.
Hey, does anyone have real time L2s? I'm looking at one ask at .046 and then nothing until .05, is that current?
Posts: 412 | From: NYC | Registered: Aug 2005
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A little boring after yesterday. I was hoping for a late run at least. Oh well there is always next week.
Posts: 43 | Registered: Sep 2005
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hey Quest maybe you could tell me who does AMEP sell there oil and Natural gas to, or what part of the countrythanks
Posts: 333 | From: calif, bay area | Registered: Jul 2005
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posted
I am no longer ridin all freebies,just got my last buy today in hopes of a major increase Monday and into next week when it really sinks in that we are going to be in a natural gas and fuel crisis.
posted
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.
posted
fridays are when daytraders exit, amep has really nice gains so they got out, it will go back up, it always does, this is a long term
Posts: 2329 | From: MD | Registered: Jul 2005
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"Oil is far too cheap at the moment," says Mr Simmons.
"The figure I'd use is around $182 a barrel. We need to price oil realistically to control its demand. That is because global production is peaking."
"If we price oil correctly," Mr Simmons says, "it could give us time to fin bridge fuels, fuels to fill the gap between an oil economy and a renewable economy. But I don't see that happening."
The adherents of the peak oil theory warn the decline of world oil output will force oil prices higher for good, and that the knock on effects could be catastrophic.
"In my opinion, unfortunately, there will be no linear change," says Iran's Ali Bakhtiari. "There will only be sudden explosive change."
Swanson doesn't agree with such dire scenarios, but believes that higher oil prices are in the cards for the next few years. "Oil investments have been a profitable component for any portfolio and I believe that soon people are going to see them as a must," he says.
NEW YORK (AFX) - Crude oil and natural gas futures fell over 3 pct Friday after the National Hurricane Center downgraded Hurricane Rita to a Category 3 storm, but prices for the energy commodities ended the week higher.
Natural gas for October delivery eased 3.5 pct, or 46.6 cents, Friday to 12.324 usd per mln British thermal units. It was still up 10.6 pct for the week.
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
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.)
The Times
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.
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