Oil Slick Stuff

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07/21/2010 - Updated 9:08 AM ET
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Oil tops $78 a barrel before inventory data
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By Deborah Levine, MarketWatch

NEW YORK (MarketWatch) -- Oil futures gained on Wednesday as traders awaited U.S. government data on petroleum inventories and assessed corporate-earnings reports.[more]
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B05AD7343%2D62EB%2D4075%2DB3CB%2D0A1DDDE962C7%7D
 
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BP Relief Tunnel Should Reach Well in Days


Published July 21, 2010
| Associated Press
AP
July 17: Work boats operate next to the Transocean Development Driller III at the site of the Deepwater Horizon oil spill in the Gulf of Mexico.


NEW ORLEANS -- The federal government's spill chief said a relief tunnel should finally reach BP's broken Gulf of Mexico well by the weekend, meaning the three-month-old gusher could be snuffed for good within two weeks. [more]
http://www.foxnews.com/us/2010/07/21/months-gulf-disaster-bp-says-relief-tunnel-reach-blown-weekend/
 
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Tropical Depression Forms in Bahamas, Heading for Oil Spill

Published July 22, 2010
| Associated Press

MIAMI -- A tropical depression racing toward the Gulf of Mexico Thursday increased pressure on BP and the U.S. government to decide whether to evacuate dozens of ships at the site of the ruptured oil well.
The National http://www.tsptalk.com/mb/#Center in Miami said a cluster of thunderstorms in the Bahamas formed into a tropical depression Thursday morning. It could reach the spill site within two and a half days, said Lexion Avila, a senior hurricane specialist.
Click here for MyFoxHurricane.
Seas already were choppy in the Gulf, with waves up to five feet rocking boats as crews waited for orders on whether to leave. Nonessential vessels like barges and skimmers will likely be sent back to shore, Commander Terri Jordan told the crew of the Coast Guard cutter Decisive at a midmorning briefing.
She said they were awaiting an evacuation order for key vessels.

Work on plugging the well is at a standstill just days before the expected completion of a relief tunnel to permanently throttle the free-flowing crude.
Worse yet, the government's spill chief said foul weather could require reopening the cap that has contained the oil for nearly a week, allowing oil to gush into the sea again for days while engineers wait out the storm. [more]
http://www.foxnews.com/weather/2010/07/22/tropical-depression-bahamas-heading-oil-spill/
 
Gulf Spill Cleanup Crews Ordered to Evacuate Ahead of Tropical Storm Bonnie


Published July 23, 2010
| Associated Press

AP
July 22: Waves partially obscure rigs drilling the relief wells at the Deepwater Horizon oil spill site in the Gulf of Mexico.


ON THE GULF OF MEXICO -- Key ships stationed over BP's crippled well in the Gulf of Mexico were ordered to evacuate Thursday ahead of Tropical Storm Bonnie, and engineers have grown so confident in the leaky cap fixed to the well head that they will leave it closed while they are gone.
Tropical Storm Bonnie, which blossomed over the Bahamas and was to enter the Gulf of Mexico by the weekend, could delay by another 12 days the push to plug the broken well for good using mud and cement, retired Coast Guard Adm. Thad Allen and BP officials conceded. Even if it's not a direct hit, the rough weather will push back efforts to kill the well by at least a week.
"While this is not a hurricane, it's a that will have probably some significant impacts, we're taking appropriate cautions," Allen said in Mobile, Alabama.
Allen issued the order Thursday night to begin moving dozens of vessels from the spill site, including the rig that's drilling the relief tunnel engineers will use to permanently throttle the free-flowing crude near the bottom of the well. Some vessels could stay on site, he said.
"While these actions may delay the effort to kill the well for several days, the safety of the individuals at the well site is our highest concern," he said in a statement. [more]
http://www.foxnews.com/us/2010/07/22/feds-order-ships-leave-spill-site-storm/
 
Halted Oil Cleanup Met With Caution, Some Frustration as Bonnie Unlikely to Strengthen

Published July 24, 2010
| FoxNews.com


Workers double-check X-Tex fencing in the marsh along Campbell Outside Bayou near the Pearl River in Hancock County, Miss., on Friday, July 23, 2010. Put in place by contractor Environmental Protection Systems, the fencing is being used as a containment to protect Mississippi marsh areas and shorelines from the oil spill in the Gulf. Workers along the Mississippi Gulf Coast are securing oil spill protection systems ahead of the expected arrival of Tropical Storm Bonnie.

Bonnie is breaking apart in the Gulf of Mexico and the tropical depression with winds near 30 mph could soon weaken to an area of low pressure. [more]
http://www.foxnews.com/weather/2010...steam-strengthen-evacuated-oil-spill-cleanup/
 
Sounds like an Unofficial/Unauthorized BAN on Shallow Water Drilling to me.:nuts:

July 20, 2010
VIDEO:
Shallow-Water Drilling Slowed by Permit Delays

Hercules Offshore CEO John Rynd and Seahawk Drilling CEO Randy Stilley on the slowdown in permit approval for shallow-water drilling.
http://video.foxbusiness.com/v/4287226
 
07/26/2010 - Updated 10:56 AM ET
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Crude fluctuates after housing data
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By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures were back to red Monday after a boost from climbing sales of new homes in the U.S. was short-lived.
Crude prices opened lower in New York but, tracking stocks, turned higher after the Commerce Department showed sales of new homes rebounding in June after falling to all-time low in May.
Crude for September delivery lost 9 cents, or 0.2%, to $78.87 a barrel on the New York Mercantile Exchange.
The increase in new-home sales to a seasonally adjusted annual rate of 330,000 was well above the 316,000 pace expected by economists surveyed by MarketWatch. U.S. stocks rose on the news, but recently also lost some steam.
The upbeat housing numbers made way to hopes the economic recovery is on track and energy demand is bound to pick up. Oil prices rallied nearly 4% last week and have posted weekly gains in five of the last eight weeks.
Other energy futures tracked oil lower, with natural gas for August delivery, the thinly traded front-month contract, losing a penny, or 0.3%, to $4.56 per million British thermal units.
"This week will be a real test of the oil complex's resilience," analysts at Cameron Hanover said in a note early Monday. "A failure to break and settle above $80 early this week would be seen by many as a technical failure to break to new highs."
Oil has traded within a range banded by $70 to $80 a barrel, and a close at $80 a barrel is seen by many as a condition to trend higher.
Meanwhile, reformulated gasoline for August delivery lost a penny, or 0.6%, to $2.11 a gallon.
The dollar index [DXY] , with tracks the performance of the greenback against a basket of six other currencies, declined 0.2% to 82.31
http://markets.usatoday.com/custom/...S&guid={C307367E-4F3B-419B-9950-8CE9A35B37FF}
 
07/26/2010 - Updated 12:20 PM ET
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Crude finds firmer footing, tracking stocks' rise
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By Claudia Assis, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures reversed higher Monday, tracking stocks as sales of new homes in the U.S. climbed more than expected.
Crude for September delivery added 22 cents, or 0.3%, to $79.20 a barrel on the New York Mercantile Exchange.
Futures seesawed earlier, turning higher just after the housing data showed a rebound in June after sales fell to an all-time low in May. More waffling ensued, however, but futures found firmer footing recently as the stock market added to initial gains.
The increase in new-home sales to a seasonally adjusted annual rate of 330,000 was well above the 316,000 expected by economists surveyed by MarketWatch. U.S. stocks rose on the news.
The upbeat housing numbers heightened hopes the economic recovery is on track and energy demand is bound to pick up alongside it. Oil prices rallied nearly 4% last week and have posted weekly gains in five of the past eight weeks.[more]
http://markets.usatoday.com/custom/...S&guid={C307367E-4F3B-419B-9950-8CE9A35B37FF}
 
Gulf Cleanup Chief Needs to Know: 'Where Is All the Oil'?

Published July 27, 2010
| FoxNews.com

AP
July 26: A response vessel is seen along a line of emulsified oil between the Deepwater Horizon oil spill site and the Louisiana coast in the Gulf of Mexico.

Nearly two weeks after successfully capping the gushing well in the Gulf of Mexico, cleanup crews roving the water's surface have a pressing question at hand: where is the oil?
"What we're trying to figure out is where is all the
at and what can we do about it," said National Incident Commander Thad Allen, the retired Coast Guard commandant heading up the spill clean-up efforts.
After spending three months of skimming and burning oil on the surface and trying to stem the most massive spill in U.S. history, emergency crews are confronting the difficult new task of simply finding large concentrations of crude.
"What we have is an aggregation of hundreds of thousands of patches of oil and the challenge is to find out where they are at right now because they are widely dispersed," Allen told
Allen clarified the challenge: "Maybe patches is a misnomer on my part. What we're seeing are mats, patties, small concentrations, very hard to detect, but they're out there." [more]
http://www.foxnews.com/us/2010/07/27/gulf-cleanup-chief-needs-know-oil/
 
07/28/2010 - Updated 11:20 AM ET
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Crude futures in retreat after surprise inventory glutEnergy Information Administration's bearish update sends prices lower
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By Claudia Assis, MarketWatch & Kate Gibson, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures waded deeper into the red Wednesday as a government update on U.S. inventories showed an unexpected glut.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BE960B342%2D02F6%2D45C1%2D9228%2D78F6DBF54349%7D&loc=interstitialskip
 
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