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Oil already down to $63 for a 5% drop today.
"NEW YORK (Dow Jones)--Crude futures fell below $66 a barrel Wednesday on weakness in equities and as investors awaited latest U.S. oil inventory data.
Light, sweet crude for September delivery was down $1.59, or 2.4%, at $65.64 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange was $1 lower, at $68.88 a barrel.
Crude futures accelerated their decline after the American Petroleum Institute reported a 4.1 million barrel build in crude inventories, contrary to analysts' expectations of a draw in crude stockpiles. The Department of Energy will release its data for the week ended July 24 at 10:30 AM EDT.
According to a Dow Jones Newswires survey of 15 analysts, the data will show crude oil stocks fell 1.2 million barrels last week, gasoline inventories down 100,000 barrels, but distillates were expected to have risen 900,000 barrels. Refinery utilization is seen falling by 0.1 percentage point to 85.7% of capacity.
"If we'll see a small draw in crude that might turn the market around temporarily," said Gene McGillian, broker at Tradition Energy. "But if the equity markets continue to drop I don't see a lot of support for crude."
Oil prices were further pressured by sliding equities, after data from the U.S. Commerce Department showed demand for durable goods in June decreased by 2.5%, the largest drop since January. Analysts expected orders to drop by 0.5%.
Crude futures slid under $66 a barrel after the data was released, dragged down by Dow Jones Industrial Average futures which dropped 20 points shortly after the data was published and are now down 64 points. Crude traded to a range of $65.24 to $67.01 since Tuesday's settlement.
"Any weak financial data softens the tone in the market and pushes crude price lower," said Tony Rosado, broker at GA Global Markets."
Maybe because I know right from wrong, and don't defend the indefensible, and I certainly don't spend my life censoring those I don't agree with and can't win an honest debate with on a "level" playing field..
Could the negative ramifications from the "stock manipulation ring" cause IHub to go under?
Getting close to another dreaded AENP quarterly SEC mandated financial report being released.
Maybe if there are convictions they can bring up not having had broken TOU requirements during sentencing negotiations!!!!
Have any tax crimes been included against Matthew Brown yet?
Wouldn't the off shore accounts, money laundering, and tax evasion carry the biggest penalty's against those indicted?
Has anyone here been in contact with David C. Weiss, Acting United States Attorney for the District of Delaware in regards to the stock manipulation ring?
Only responding to a posters post. But if one throws in the family's and the overall investment community it's a lot of people, and I'd say it's just the tip of the iceberg.
"He pretty much assembled his victims under the veil of giving them a quality site that was well run and neutral. Then he controled the conversations and even tried to disguise the dumping of shares as claims of naked shorting.
I don't see many "worse" cases out there. This rocks the entire IHUB community consisting of millions of people. How many other groups are out there? How many people pay Matt under the table for a little one sided help in keeping the boards neagative chatter to a minimum by limiting posts from negative posters or just banning them all together?"
Yep
Is a class action against ADVFN likely?
No need to limit it to just one news outlet.
Maybe Fox/Sky news could do a little expose looking out for the folks O'Reilly style on this stock manipulation ring and the actions of ADVFN corporate keeping Mr Brown at the helm with a little help from victimised and concerned I-Hubbers.
Have any National news outlets interviewed any ADVFN executives in regards to the charges against Mr Brown?
I'd have to question ADVFN's CEO's judgment in keeping Matthew Brown in his position.
Let us hope the net is wide and nets all the sharks who preyed upon the innocent, many being elderly. I'd say Mr Brown has lots of splainin to do. Let us hope United States Attorney David Weiss gets lots of tips and information like those from myself, and just a phone call away.
http://www.usdoj.gov/usao/de/press/2009/Pump%20&%20Dump%20Stock%20Schemes%20Indictments.pdf
Have any other IHub or ADVFN employees been implicated in the stock manipulation ring?
How many stocks has Matthew W. Brown been fooling around in?
Here's to the SEC and IRS setting one big example. Stock market manipulation and money laundering must not be tolerated.
"NEW YORK (Dow Jones)--Analysts have lowered their 2009 and 2010 U.S. Henry Hub natural-gas price forecasts as the economic downturn continues to pressure prices lower, according to a Dow Jones Newswires survey of 11 financial institutions."
AENP closed at $.073 on 7/14/2009
AENP's low yesterday was $.05
AENP was down 31.51% yesterday
rounded out equals 32% down
Why such a drastic PPS drop in one day?
AENP now down 32% and the BID collapsed to $.035
Looks like the drop in production has had yet another negative effect on the PPS. How many were left without a chair when the music stopped?
One month to go until the next AENP SEC financial report sheds more facts vs fiction.
Oh looky, the 6's went by by......Hello 4's
What happened AENP? Did the company dump shares? or was it the faux uber bulls.
Now that AENP's CEO's sibling has made over a million dollars in interest alone for a 2 million dollar "sweetheart deal" loan, a tidy 50% return for a lease that has not made the company one red cent, how long will it take to make the next million dollars in interest alone for a loan shark return of 100%?
AENP's PPS down over 13% on nothing but selling today with 1 month to go until the next quarterly AENP SEC report once again rears its ugly fiscal truth.
Natural gas drops once again, now down to just $3.25 while
Oil is down to $58
"NEW YORK, NY--(Marketwire - October 30, 2007) - Aurus Corp (PINKSHEETS: AURC) announces that the gold deliveries for year 2007 "shall reach" 2500Kgs, exceeding its expectation of yearly production by over 40%."
"Shall reach" is crystal clear, and will stand up in a court of law as being a claim of factuality, since there was no preceding "anticipates" as in "Aurus Corp announces that it "anticipates" that the gold deliveries for year 2007 shall reach 2500Kgs, exceeding its expectation of yearly production by over 40%."
Why is it that AURC which claimed this:
"NEW YORK, NY--(Marketwire - October 30, 2007) - Aurus Corp (PINKSHEETS: AURC) announces that the gold deliveries for year 2007 shall reach 2500Kgs, exceeding its expectation of yearly production by over 40%."
Having trouble raising just $400k?
Especially given how high gold went after 2007.
I'd say 2500Kgs/5,500 pounds of gold would have yielded a tidy sum.
Could it have all been hogwash?
With the President stating today:
"Obama says economic recovery ‘a long way off’"
and oil already below $59 a barrel, is oil going to test the $50's?
How will falling oil&gas prices affect AENP's bottom line going forward?
How much additional loss, and build up in "related parties" debt will the next AENP SEC report show?
Could the SEC be building a case against AURC's company officers?
Oil down to $58 today and now this:
"WASHINGTON - Federal regulators say they might clamp down on oil and gas price speculators by limiting the holdings of energy futures traders, including index and exchange-traded funds."
another month or so to go until the next AENP SEC financial report.
AURC Corporate Secretary's should not be disseminating insider/material information to individuals via E-Mails, I believe the law is quite clear on this.
"Aurus is not able to raise money to buy equipment to develop the site."
Is both AURC insider, and material, information, and as such current investors may wish to notify the SEC of such.
"American Energy Production Inc. Announces ``It Rained'."
"Charles Bitters, President of American Energy Production Inc., stated, "This may be one of the most important news releases"
"NEW YORK (Dow Jones)--Crude oil Thursday sank below $60 a barrel for the first time since May, as traders assumed fuel supplies will be more than enough to handle any demand added in an economic recovery.
Light, sweet crude for August delivery recently traded at $59.44, down 70 cents, or 1.2%, on the New York Mercantile Exchange, dropping to the lowest since May 19. Brent crude on the ICE Futures exchange declined 41 cents to $60.02 a barrel.
Crude had declined the prior six sessions on dreary economic statistics and lowered official expectations of global oil demand growth. U.S. data released Thursday were more mixed - new jobless claims unexpectedly plunged last week - but stockpiles of crude, gasoline and fuels like diesel and heating oil are all at comfortable levels.
"Attention has come back to just how bearish the spot market fundamentals are," said Brad Samples, an analyst at Summit Energy in Louisville.
Analysts expect global oil consumption to fall in 2009 for a second straight year. Any rebound is expected to come from large developing economies. China's auto manufacturers' association Thursday reported auto sales in June rose 36.5% from a year earlier to 1.14 million units, putting the country on track to overtake the U.S. as the world's biggest auto market this year.
Still, the International Energy Agency at this point expects China's oil demand to also fall this year. In the U.S., the largest oil consumer, stockpiles of gasoline and distillate fuels have climbed four weeks in a row, according to Energy Information Administration data released Wednesday.
"While the price plunge may have been a bit overcooked short term, we are still viewing a resumption of the down trend to the $56-58 area as a high probability," wrote Jim Ritterbusch, president of the energy advisory firm Ritterbusch and Associates. "We continue to focus on a huge distillate supply overhang and weakening gasoline demand as the larger price drivers behind lower oil values."
Hesitation about the direction of the economy was reflected in U.S. equities, which traded slightly lower.
"With the stock market being a little shaky, it's dragged everything down a little bit," said Justin Fohsz, an oil broker at StarSupply in Englewood, N.J.
Front-month August reformulated gasoline blendstock, or RBOB, fell 43 points, or 0.3% to $1.6290 a gallon. August heating oil fell 2.12 cents, or 1.4%, to $1.5167 a gallon."
Looks like AURC company officers have been telling the investing public some whoppers in published company PR's. Has the SEC been notified of this troubling breach of public trust?
Oil now in the $50's
It takes oil at just under $90 a barrel just for AENP to break even, let alone pay back any of the millions upon millions owed to the CEO and his "related parties".
"NEW YORK (Dow Jones)--Crude futures tumbled to just above $60 a barrel Wednesday as a sharp rise in U.S. fuel inventories dealt another blow to prospects for a quick recovery in oil demand.
Light, sweet crude for August delivery settled $2.79, or 4.4%, lower at $60.14 a barrel on the New York Mercantile Exchange. At one point, the contract traded just a penny over $60 a barrel, the lowest intraday price since May 26. Brent crude on the ICE futures exchange settled $2.80, or 4.4%, lower at $60.43 a barrel.
Wednesday's selloff was triggered by Department of Energy data showing sharp increases last week in stockpiles of gasoline and distillates, including heating oil and diesel. Fuel demand is down across the board, dashing hopes that U.S. drivers would take to the road in greater numbers with prices at the pump down sharply from a year ago.
Oil inventories fell by 2.9 million barrels, close to the average analyst forecast for a 2.3-million-barrel draw, according to a Dow Jones Newswires survey. But distillate stocks rose by 3.7 million barrels, nearly double the expected 1.9-million-barrel increase. Gasoline stocks rose by 1.9 million barrels, compared with a forecast of a 900,000-barrel gain.
"If it's the height of the driving season and ... we still have inventories increasing, it should say something about the underlying weakness in demand," said Harry Tchilinguirian, senior oil market analyst at BNP Paribas in London.
Oil prices have dropped 16% since June 29, undermined by the growing fuel glut and a string of negative economic indicators. Last week, a decline in U.S. consumer confidence and a jump in unemployment spooked investors who had banked on an easing of the recession. On Wednesday, the International Monetary Fund said the world economy would contract by 1.4% this year, compared with an April forecast for a 1.3% decline."
At least lower oil&gas prices are good for consumers, but very bad for AENP.
Today's DOE weekly oil report is very bad for AENP's fiscal bottom line going forward as this just released news story clearly points out.
"Oil prices tumble below $61 as gas supplies surge
By ERNEST SCHEYDER – 53 minutes ago
NEW YORK (AP) — Oil prices sank below $61 per barrel Wednesday as the government reported unused gasoline held in storage surged yet again. Retail gas prices have fallen every day for more than two weeks.
Energy markets are undergoing an extended sell-off, the longest this year, with new economic reports dampening optimism about any economic recovery.
Benchmark crude for August delivery fell 3.5 percent, or $2.21, to $60.72 a barrel on the New York Mercantile Exchange.
In just over one week, oil prices have fallen more than 17 percent.
"The recession is far from over," said analyst Stephen Schork. "Perhaps the run-up in prices was a bit overstated."
Crude prices by last week had more than doubled from lows reached January, when a barrel of crude cost just over $30. That was just six months removed from record highs near $150 per barrel last summer.
Cheap oil sparked a new round of investment, as did a dollar that had been weakened by government efforts to bail out major banks and automakers.
Crude is priced in the dollar, so it effectively becomes cheaper internationally.
Yet dismal economic data continues to emerge and the fundamentals of supply and demand appeared to take control of the market again last week.
International Monetary Fund on Wednesday lowered its global economic forecast, the latest that would not support high energy prices.
Since peaking at $73.38 last Tuesday, crude futures have fallen by almost $13 per barrel. Gasoline, heating oil and natural gas futures are also tanking.
The Organization of Petroleum Exporting Countries predicted Wednesday that demand for crude has fallen so sharply, it will take another four years to recover to 2008 levels.
Americans are driving billions fewer miles than they had in recent years with millions losing their jobs.
Even though refiners have been slashing production, gasoline continues to pile up.
The Department of Energy reported Wednesday that gasoline supplies grew by another 1.9 million barrels last week, the fifth straight week that storage levels have grown.
The volatile energy markets may lead to increased scrutiny, both in the U.S. and overseas.
Federal regulators said Tuesday they would examine whether the government should impose limits on the number of futures contracts in oil and other energy commodities held by speculative traders.
Concerns about the affect of volatile energy prices has spread overseas as well. It will be one of the topics discussed by world leaders meeting in Rome for the Group of Eight summit.
In an editorial published by The Wall Street Journal, British Prime Minister Gordon Brown and French President Nicolas Sarkozy also called for closer government oversight of the oil-trading markets.
Retail gasoline prices dropped again overnight, the 16th straight day, to a new national average of $2.593 per gallon. Last year, prices were above $4 at this time, according to AAA and the Oil Price Information Service.
In other Nymex trading, gasoline for August delivery slid by 6.5 cents to $1.6682 a gallon and heating oil lost about 6.2 cents to $1.5386. Natural gas for August delivery fell 6.7 cents to $3.362 per 1,000 cubic feet.
In London, Brent prices shed $2.02 to $61.21 a barrel on the ICE Futures exchange."
http://www.google.com/hostednews/ap/article/ALeqM5i4_q7DtiEHvUTVNlJoaJ9ufkd1kgD99ACA601
Oil continues to free fall, down to $60
"NEW YORK (Dow Jones)--Crude futures continued to fall Wednesday as traders expected U.S. stockpiles of key oil products to rise."
"NEW YORK (Dow Jones)--Natural gas futures finished lower Tuesday, driven down by mixed weather forecasts, ample inventories and falling crude oil prices."
Dropping oil&gas prices do not bode well for AENP's fiscal bottom line.
"According to the U. S. Energy Department, total daily fuel demand in the U. S. over the four weeks ended June 26 was down 5.8% from a year earlier."
Is oil in the $50's far off?