Oil Slick Stuff

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04/22/2010 - Updated 9:11 AM ET
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Oil futures drop as sentiment sours on Greek deficit worries European equities, U.S. stock futures drop as Greek deficit revised higher
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By Polya Lesova, MarketWatch

FRANKFURT (MarketWatch) -- Oil futures dropped more than 1% on Thursday, as equity markets posted losses and the dollar strengthened on news that Greece's budget deficit was bigger than previously estimated.
Sentiment in the financial markets has influenced oil-price movements in recent weeks, and sentiment turned sour after Eurostat said the Greek deficit was 13.6% of gross domestic product in 2009, compared with a previous estimate of 12.7%.
http://markets.usatoday.com/custom/...S&guid={60A61E6C-8667-49BD-80AD-2418A86DA3E3}
 
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UPDATED: Search Continues for 11 Missing Workers
At approximately 10 p.m. (CST) Tuesday night, an explosion rocked Transocean's Deepwater Horizon semisubmersible drilling rig in the U.S. Gulf of Mexico. According to the U.S. Coast Guard, the search continues for 11 workers still missing following what could be one of the nation's deadliest offshore drilling incidents of the past half-century. [more]
http://www.rigzone.com/news/article.asp?a_id=91349&hmpn=1
 
The oil rig has now sunk.

More than 1 million gallons of oil and diesel fuel feared spilled so far.

The well has not been capped- and it's still spewing significant amounts of oil into the Gulf. (Happy Earth Day).

No sign of the 11 missing crew members.

Significant video here:

Embedding disabled- so you'll have to double-click on it to see it.

http://www.youtube.com/watch?v=82fydC5SMWQ


 
04/23/2010 - Updated 9:19 AM ET
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Crude-oil futures slump as durable goods slump, dollar rises
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By Kate Gibson, MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures came under pressure Friday, as a strong dollar and news that orders for durable goods plunged in March shaved off weekly gains.
Crude briefly came off lows earlier as the euro strengthened against the U.S. dollar after debt-strapped Greece formally requested help from the European Union and International Monetary Fund.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BEAD85F61%2DADDF%2D4BF6%2D8F06%2DCD4804942C3C%7D
 
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04/23/2010 - Updated 11:31 AM ET
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Crude oil turns higher after U.S. home-sales data
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By Claudia Assis, MarketWatch & Kate Gibson, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures changed direction Friday, posting gains after a report showed U.S. home sales surged.
The price of oil had fluctuated earlier, as markets looked for news to find their footing and came under pressure Friday following news that orders for durable goods plunged in March.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BEAD85F61%2DADDF%2D4BF6%2D8F06%2DCD4804942C3C%7D
 
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James48843 said:
The oil rig has now sunk.

More than 1 million gallons of oil and diesel fuel feared spilled so far.

The well has not been capped- and it's still spewing significant amounts of oil into the Gulf. (Happy Earth Day).

No sign of the 11 missing crew members.
Click to expand...
U.S. Sees 200-Barrel Oil Spill; Well Isn’t Leaking (Update1)

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By Jim Polson


April 23 (Bloomberg) -- A Transocean Ltd. drilling rig that caught fire and sank in the Gulf of Mexico has leaked about 200 barrels of petroleum and there’s no oil escaping from the well it had tapped, the U.S. Coast Guard said.
An oil sheen estimated earlier today at 100 square miles (259 square kilometers) is now 16 square miles after airplanes sprayed it with chemical dispersant and six vessels skimmed off 181 barrels of oil mixed with water, Ashley Butler, spokeswoman for the guard, said in a telephone interview.
Last Updated: April 23, 2010 11:24 EDT
 
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Seems they did a reasonably good job of cleaning up the spill, that's good? :D
 
Yes they did..But this all the treehuggers needed
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, to be able to say; "I told you so":rolleyes:


Gas @ $2.61 today
 
That's good news if the wellhead isn't spewing up oil. I would think that it would be, if it were a gas blowout that caused the explosion in the first place.

Has anybody heard what water depth is at that exact location? How far down to the sea bed were they drilling when it went? I'm sure it was much deeper than divers can go- that's why they are talking about remote vehicles to try and close the valves.

But that also tells me that they either aren't sure if the valves are closed or not; or can't get close enough to it to see. Either case is not good.


You never know- it could be flowing, for all we know, at 6,000 feet under water, and the oil just hasn't floated all the way up yet.

It still has a very very big potential to be a bad, bad spill.
 
James48843 said:
Has anybody heard what water depth is at that exact location? How far down to the sea bed were they drilling when it went?
Click to expand...
I heard a tail-end of one report, that the seabed was at 18,000 ft at the well site on one of the news networks...(ingest one grain of salt)
 
I just found the info-


Depth of water was 5,000 feet. Well was 18,000 below that.

According to Rigzone- the platform itself had 700,000 gallons of diesel fuel aboard- and that is what they think made the spill they were working on containing. I would guess a great deal of that is what we saw burning for a day before it sank.

Don't know about the status of the well head, though. Really tough to work at 5,000 depth to try and close valves.


http://www.rigzone.com/news/article.asp?a_id=91526
 
James48843 said:
That's good news if the wellhead isn't spewing up oil. I would think that it would be, if it were a gas blowout that caused the explosion in the first place.

.
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It was confirmed by the Coast Guard that there appears to be no additional oil coming to the surface...The Explosive Blowout occurred on the platform and once the Rig lost kilter there is built in quick break-away couplings that seal up on break-away, built into the piping at or near the well head..and that would have been near that 5000' depth you said you found it to be..
 
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04/27/2010 - Updated 7:37 AM ET
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Crude futures drop on expectations of rising inventoriesAmerican Petroleum Institute will report data on supplies on Tuesday afternoon
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By Polya Lesova, MarketWatch

FRANKFURT (MarketWatch) -- Crude futures dropped on Tuesday, as the strength of the dollar and expectations of build-ups in U.S. petroleum inventories weighed on sentiment.
Crude oil for June delivery, the front-month contract, fell $1.03 to $83.17 a barrel in electronic trading on Globex. The contract had finished lower on Monday.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B324853DB%2DEC65%2D48FB%2DB757%2DB910EFB632AF%7D
 
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Buster said:
It was confirmed by the Coast Guard that there appears to be no additional oil coming to the surface...The Explosive Blowout occurred on the platform and once the Rig lost kilter there is built in quick break-away couplings that seal up on break-away, built into the piping at or near the well head..and that would have been near that 5000' depth you said you found it to be..
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Bad news.

Oil IS flowing out of that wellhead.

Instead of Drill,Baby Drill,

It is now Spill Baby Spill.

This news article says it will begin to wash ashore in Alabama in three days.

http://www.myfoxal.com/Global/story.asp?S=12380548


Picture of the oil slick from a satellite:

http://www.examiner.com/x-11224-Bal...f-of-Mexico-seen-from-space-on-NASA-Satellite


This is going to be really, really bad, especially if they can't shut it off soon.
 
James48843 said:
Bad news.

Oil IS flowing out of that wellhead.

Instead of Drill,Baby Drill,

It is now Spill Baby Spill.

This news article says it will begin to wash ashore in Alabama in three days.

http://www.myfoxal.com/Global/story.asp?S=12380548


Picture of the oil slick from a satellite:

http://www.examiner.com/x-11224-Bal...f-of-Mexico-seen-from-space-on-NASA-Satellite


This is going to be really, really bad, especially if they can't shut it off soon.
Click to expand...
Bad news, 42,000 gallons of oil a day, this may be one of the worst! :worried:

Encyclopedia of Public Health:
Oil Spills

The largest spills do not necessarily receive the most media coverage, either because of their location, the lack of human health or ecological effects, the lack of documentation of these effects, or a lack of media interest. For example the 1980 Nowruz field spill in Arabia (80 million gallons) and the 1992 Fergana Valley spill in Uzbekistan (80 million gallons) barely received any attention. In contrast, two smaller spills received enormous media attention: the oil tanker Amoco Cadiz released 68.7 million gallons off the coast of France in 1978, and the tanker Exxon Valdez spilled 11 million gallons into Prince William Sound in Alaska in 1989. [more]
http://www.answers.com/topic/oil-spill-1
 
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