Oil Slick Stuff

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06/21/2010 - Updated 9:02 AM ET
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Oil near $80 after China currency move
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By Myra P. Saefong, MarketWatch & Cynthia LinMarketWatch,

NEW YORK (MarketWatch) -- Crude-oil futures inched closer to the $80-a-barrel level Monday on China's unexpected decision to loosen the yuan's de-facto peg against the U.S. dollar.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BE08104F3%2DC9AC%2D4E58%2D8656%2DA0297EBD1C88%7D&loc=interstitialskip
 
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Market Update



10:30 am : Broad support for commodities has helped drive the CRB Commodity Index to a 1.5% gain.

At an individual level, oil prices are up a sharp 1.9% to $78.65 per barrel. Natural gas prices are up an even sharper 3.2% to $5.16 per MMBtu. [more]
http://finance.yahoo.com/marketupdate/overview?u
 
06/22/2010 - Updated 6:53 AM ET
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Oil futures drop as concerns over European banks weigh
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By Polya Lesova, MarketWatch

FRANKFURT (MarketWatch) -- Oil futures dropped below $78 a barrel on Tuesday, as the downgrade of a major French bank and a warning about mounting losses at Spanish lenders triggered drops in European equities, souring sentiment among energy traders.
://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BD47B38DC%2D2E0F%2D431F%2DB561%2D5BE5B15F36FC%7D
 
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Oil execs in London slam Obama's drilling ban

Oil execs in London slam Obama's 6-month drilling ban, say world needs oil from deepsea rigs




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A plume of smoke from an oil burn is seen near the Discover Enterprise at the site of the Deepwater Horizon oil spill in the Gulf of Mexico off the coast of Louisiana Saturday, June 19, 2010. (AP Photo/Charlie Neibergall, Pool)

Jane Wardell and Jennifer Quinn, Associated Press Writers, On Tuesday June 22, 2010, 8:23 am EDT

LONDON (AP) -- Oil industry executives on Tuesday sharply criticized President Barack Obama's six-month ban on deepwater drilling, saying the world did not have enough other sources of oil to eliminate using deepsea rigs.
The massive oil slick in the Gulf of Mexico and the moratorium imposed by Obama dominated discussions at the World National Oil Companies Congress in the British capital, and a BP executive standing in for embattled BP CEO Tony Hayward was heckled by protesters.
Transocean Ltd. president and CEO Steven Newman, owner of the destroyed Deepwater Horizon rig that has spewed millions of gallons of oil into the Gulf, said Obama's ban, which is currently being reviewed by a U.S. federal judge, was unnecessary.
"There are things the administration could implement today that would allow the industry to go back to work tomorrow without an arbitrary six-month time limit," Newman told reporters on the sidelines of the meeting.
Obama's ban reflects growing unease about oil companies seeking to drill farther out to sea and deeper than ever before. The process is expensive, risky and largely uncharted, highlighted by the April 20 explosion at the BP-operated rig that killed 11 workers and set off worst oil spill in U.S. history.
But the U.S. moratorium has been challenged in court. Judge Martin Feldman in New Orleans has said he will make a decision on it by Wednesday.
Chevron executive Jay Pryor, also at the London conference, said the U.S. government's move would "constrain supplies for world energy."
"It would also be a step back for energy security," said Pryor, global vice president for business development at the U.S. company.
BP chief of staff Steve Westwell, who was heckled during a speech in which he stood in for Hayward, said "regulators around the world will obviously want to know what happened" to cause the blown-out well in the Gulf and change their procedures accordingly.
But he said deepwater drilling is needed as supplies of land and shallow water oil diminish. [more]
http://finance.yahoo.com/news/Oil-e...42.html?x=0&sec=topStories&pos=2&asset=&ccode=
 
nnuut said:
Oil execs in London slam Obama's drilling ban

Oil execs in London slam Obama's 6-month drilling ban, say world needs oil from deepsea rigs
Click to expand...
I think now enough people are in an uproar over the BAN, that it will be lifted soon...There was supposedly a $100 million relief fund for the rig workers and colaterals set up..but managed by BP and not part of the Independently managed $20 billion relief fund.
 
Yeah, and I just read that Obama will TAX any damages that BP pays as income!!!!PFTC!!
 
06/22/2010 - Updated 12:53 PM ET
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Crude futures edge lower, but hold above $78
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By Claudia Assis, MarketWatch & Polya Lesova, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures swerved on Tuesday, but held above $78 a barrel Tuesday, as investors pondered the downgrade of a major French bank, a warning about mounting losses at Spanish lenders and a surprise drop in the resale of homes in the U.S.
Crude for August delivery lost 13 cents to $78.48 a barrel on the New York Mercantile Exchange. The contract earlier hit an intraday high of $78.95 a barrel, but had gone down all the way to $77.27 earlier.
://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BD47B38DC%2D2E0F%2D431F%2DB561%2D5BE5B15F36FC%7D&loc=interstitialskip
 
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Judge blocks Gulf offshore drilling moratorium


NEW ORLEANS – A federal judge in New Orleans on Tuesday blocked a six-month moratorium on new deepwater drilling projects imposed in response to the massive Gulf oil spill.

The White House said the administration would appeal. It had halted approval of any new permits for deepwater drilling and suspended drilling at 33 exploratory wells in the Gulf.

Several companies that ferry people and important supplies and provide other services to offshore drilling rigs asked U.S. District Judge Martin Feldman in New Orleans to overturn the moratorium, arguing it was arbitrarily imposed.

Feldman agreed, saying in his ruling that the Interior Department failed to provide adequate reasoning for the moratorium. He said it seemed to assume that because one rig failed, all companies and rigs doing deepwater drilling pose an imminent danger.
"An invalid agency decision to suspend drilling of wells in depths of over 500 feet simply cannot justify the immeasurable effect on the plaintiffs, the local economy, the Gulf region, and the critical present-day aspect of the availability of domestic energy in this country," Feldman wrote.

More: http://news.yahoo.com/s/ap/us_gulf_oil_spill
 
Still no pay checks for the folks that lost their jobs and no drilling until the appeal and they will delay that! Ridiculous, cold and just using the crisis to the max:nuts:
 
06/23/2010 - Updated 7:04 AM ET
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Oil futures decline as API reports buildups in inventories The U.S. government will release separate supply data Wednesday morning
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By Polya Lesova, MarketWatch

LONDON (MarketWatch) -- Oil futures traded below $78 a barrel Wednesday, as data showing unexpected buildups in U.S. crude and gasoline inventories rekindled worries about weak demand and weighed on energy prices.

http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B52EB78A3%2D7451%2D4950%2DBE9B%2D24A03FFD81FB%7D&loc=interstitialskip
 
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06/23/2010 - Updated 11:13 AM ET
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Oil futures trims losses on EIA's supply report
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By Claudia Assis, MarketWatch & Polya Lesova, MarketWatch

SAN FRANCISCO (MarketWatch) -- Oil futures held to losses Wednesday after the Department of Energy reported an increase in inventories, but the retreat moderated slightly after the rise in inventories was not as large as the one reported a day earlier by a trade group.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B52EB78A3%2D7451%2D4950%2DBE9B%2D24A03FFD81FB%7D
 
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Thanks a bunch!:nuts::o

Salazar Says Revised Moratorium May Permit Some Gulf Drilling

By Jim Efstathiou Jr. and Jeff Plungis

June 23 (Bloomberg) -- The Obama administration may let certain deepwater drilling operations in the Gulf of Mexico resume during a six-month halt, U.S. Interior Secretary Ken Salazar said.
The rules to be issued “will include the criteria under which it is appropriate to take a look at the lifting of the moratoria,” Salazar said today at a hearing before a Senate Appropriations panel.
A six-month halt to deepwater exploration, imposed last month by President Barack Obama in response to the BP Plc spill, was overturned yesterday by U.S. District Judge Martin Feldman in New Orleans. The administration said it will appeal the decision, and Salazar announced he will reformulate the rules. Republicans and Gulf Coast Democrats have said the ban is too broad and jeopardizes tens of thousands of jobs.
“We will in the weeks and months ahead take a look at how it is that the moratorium in place might be refined,” Salazar said today. “It might be that there are demarcations that can be made based on reservoirs, when we actually do know the pressures and the risks associated with that versus those reservoirs which are exploratory in nature where you don’t know as a company what it is that you are drilling in.”
The drilling ban was imposed May 27 in response to the explosion and sinking in April of the BP-leased Deepwater Horizon drilling rig 40 miles (64 kilometers) off Louisiana’s coast. The halt was called during the investigation by a presidential commission of the spill that continues to spew oil into the gulf.
Investigations Unit
The new head of the Interior Department agency regulating offshore oil-and-gas drilling said today that he created an investigations unit to help with oversight, enforcement and reorganization.
“The new unit will provide us the capacity to investigate allegations of misconduct, to provide unified and coordinated monitoring of compliance with laws and regulations, and to respond swiftly to emerging and urgent issues,” Michael Bromwich said today in a statement issued as he testified before a Senate hearing on the reorganization.
http://noir.bloomberg.com/apps/news?pid=20601087&sid=ayblFatP62NE&pos=8
 
BP live feed :

http://www.bp.com/genericarticle.do?categoryId=9033572&contentId=7062605
More oil gushing into Gulf after problem with cap

More oil now gushing into Gulf after undersea robot bumps venting system on cap


On Wednesday June 23, 2010, 12:48 pm EDT
NEW ORLEANS (AP) -- The Coast Guard says BP has been forced to remove a cap that was containing some of the oil gushing into the Gulf of Mexico.
Coast Guard Adm. Thad Allen says an underwater robot bumped into the venting system. That sent gas rising through vent that carries warm water down to prevent ice-like crystals from forming in the cap.
Allen says the cap has been removed and crews are checking to see if crystals have formed before putting it back on. In the meantime, a different system is still burning oil on the surface.
Before the problem with the containment cap, it had collected about 700,000 gallons of oil in the previous 24 hours. Another 438,000 gallons was burned.
The current worst-case estimate of what's spewing into the Gulf is about 2.5 million gallons a day.
http://finance.yahoo.com/news/More-...40.html?x=0&sec=topStories&pos=1&asset=&ccode=
 
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