Oil Slick Stuff

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Loop Current Should Stay Away from Spill - NOAA
Rigzone Staff
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Wednesday, May 05, 2010





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The Loop current that flows through the Gulf of Mexico is not likely to move toward the Macondo oil spill, Platts Oilgram News reported Tuesday quoting a top scientist with the National Oceanic and Atmospheric Administration (NOAA).
http://www.rigzone.com/news/article.asp?hpf=1&a_id=92789
 
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OK here we go, it's Sidney or the Bush!!:cool:


Cofferdam Arrives at Leak Site - Report
Dow Jones Newswires

Thursday, May 06, 2010

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Discoverer Enterprise​


A 100-ton concrete and steel coffer dam has arrived at the site of an oil leak in the Gulf of Mexico and is expected to be lowered some 5,000 feet to the ocean's floor later Thursday, the Associated Press reported.
The box structure is designed to siphon off oil leaking from a Deepwater Horizon well, leased by BP PLC (BP). A boat carrying the dam left the Louisiana coast Wednesday evening. A second vessel is to use a crane to lower the dam into the ocean. A BP spokesman said the drop is expected to take place about noon.

http://www.rigzone.com/news/article.asp?a_id=92881&hmpn=1
 
05/06/2010 - Updated 9:31 AM ET

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Oil futures decline to lowest level since late February
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By Kate Gibson, MarketWatch

NEW YORK (MarketWatch) -- Oil prices on Thursday slumped to their lowest level in more than two months as investors monitored developments about the Greek debt crisis and comments from European Central Bank president Jean-Claude Trichet, who said inflation risks remained tilted to the upside in the euro zone.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BD4003E8B%2DA0B0%2D4BE1%2D821F%2DBF8768E52056%7D
 
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Oil spill costs: What will BP really pay?

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Alabama National Guard members worked this week on a containment barrier to protect the coastline from the leaking oil spill.
By Steve Hargreaves, senior writerMay 6, 2010: 9:59 AM ET

NEW YORK (CNNMoney.com) -- The Gulf oil spill is going to cost billions to clean up, a tab BP has publicly pledged to pay in full.
But thanks to the unpredictable nature of the oil slick and the legal maze surrounding maritime law, what BP will pay and to whom is very much an open question.

http://money.cnn.com/2010/05/06/news/economy/BP_liability/index.htm
 
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Market Update

10:30 am : Oil prices remain under pressure. As such, the price of crude oil is currently down 1.0% to $79.15 per barrel. Oil prices had been above $87 per barrel at the start of this week. Natural gas prices have also pushed lower in recent trade, thanks to news that weekly inventories showed a build of 83 bcf when a build of 80 bcf had been widely expected. Natural gas prices now stand at $3.87 per MMBtu, down 2.9%.
http://finance.yahoo.com/marketupdate/overview?u
 
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Hayward: 'Top Kill' Might Seal Leaking Well Sooner
by Brett Clanton

Houston Chronicle

Thursday, May 06, 2010

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Tony Hayward, BP's Chief Executive​



In its race to contain a growing oil spill that touched the Gulf shore for the first time Wednesday, BP has turned its focus to a new option that could be in place within two weeks and permanently plug a gushing well on the seafloor, CEO Tony Hayward said Wednesday.

http://www.rigzone.com/news/article.asp?hpf=1&a_id=92872
 
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wonder if there are gonna be enough margin calls for the brokerages to start unloading the oil?
 
Minnow said:
wonder if there are gonna be enough margin calls for the brokerages to start unloading the oil?
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I don't know but I can tell you one thing, when it goes UP you see it at the pump way faster than when it's DOWN!!! Ain't that right Buster?:suspicious:
 
nnuut said:
I don't know but I can tell you one thing, when it goes UP you see it at the pump way faster than when it's DOWN!!! Ain't that right Buster?:suspicious:
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Yep, they would've changed the signs at the gas stations twice today already if it was moving up this fast. :mad:
 
Saw the closest gas station had started to put up new prices this morning.
$3.00 for premium (he hadn't filled in the new prices for the other types yet)
He has no nearby competition so he's always the worst, but I won't be surprised if the signs at the other stations have changed up. :mad:
 
Price trickles up faster than it trickles down, I know that breaks all of the laws of Physics but it's true, what a mystery!!:confused:
 
Silverbird said:
$3.00 for premium ..
He has no nearby competition so he's always the worst, but I won't be surprised if the signs at the other stations have changed up. :mad:
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There is a gas station or C Store on almost every corner and we're up to $3.29 for premium here. :notrust:
 
:nuts: If this keeps up you will be looking back and wishing Gas was $3 a gallon again.

Obama suspends new Virginia offshore drilling bid

By Steve Hargreaves, Senior writerMay 6, 2010: 5:05 PM ET

NEW YORK (CNNMoney.com) -- The Obama administration took the first concrete steps Thursday to make good on its pledge to halt new offshore drilling projects, suspending the approval process for new wells off of the Virginia coast.
The Minerals Management Service, part of the Interior Department and the agency charged with issuing new drilling leases, had scheduled three public hearings in Virginia this month to solicit public comment about new wells off of the state's coast.

http://money.cnn.com/2010/05/06/news/economy/obama_drilling/index.htm
 
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I think this comes as no surprise given the situation that is going on in the Gulf right now..even though it not a common occurrence, chit happens, but it is a raw wound for the environmentalist and others that didn't want the offshore rigs in the first place..Unfortunately it looks bad and will cast a bad shadow for all of this type of oil drilling...you can't reason with emotional rationale...Obama is playing it politically safe for himself and for the Dems this November.:suspicious:
 
Oil hovers above $77 as euro steadies after plunge

Oil hovers above $77 in Europe as euro stabilizes after steep drop on Europe debt crisis

Gorondi, Associated Press Writer, On Friday May 7, 2010, 7:54 am

Oil prices rose to near $78 a barrel Friday, halting an 11 percent sell-off this week as the euro recovered against the dollar and world stock markets steadied.
By early afternoon in Europe, benchmark crude for June delivery was up 57 cents to $77.68 a barrel in electronic trading on the New York Mercantile Exchange. The June contract lost $2.86 to settle at $77.11 on Thursday.
http://finance.yahoo.com/news/Oil-h...22.html?x=0&sec=topStories&pos=2&asset=&ccode=
 
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