Posts Tagged ‘cap leak’

BP Abandons Top Kill; More Images; Failed Politics and Policies; Can BP do Anything Right?

BP Abandons Top Kill; More Images; Failed Politics and Policies; Can BP do Anything Right?

Courtesy of Mish

Gulf Coast Struggles With Oil Spill And Its Economic Costs

It’s back to the drawing board. BP has given up with the idea of sinking mud, golf balls, tires, and other junk into the well to plug it. Top Kill is officially dead.

Bloomberg reports BP Abandons ‘Top Kill’ Plan That Failed to Cap Leak.

BP Plc said it will switch to a new strategy to cap a leaking oil well in the Gulf of Mexico after a three-day effort to stop the flow with a blast of pressurized fluids was unsuccessful.

At a press conference today, Doug Suttles, the BP executive in charge of the spill response, said the top kill strategy didn’t work. BP will now try a containment device known as a lower-marine riser package cap, Suttles said.

Oil from the spill may have spread underwater for 22 miles toward Mobile, Alabama, researchers aboard a University of South Florida vessel reported May 27. Initial tests aboard the Weatherbird II show the highest concentrations of “dissolved hydrocarbons” were 400 meters (1,312 feet) below the surface.

BP plans to install the new blowout preventer on top of the existing one, Suttles said. BP will then try to use the valves on the new blowout preventer to stop the flow.

“We’re still looking at a month before we get this thing killed,” Les Ply, a retired mud engineering consultant for the oil industry, said today in a telephone interview. “I think we’re looking at a week to 10 days to get this riser and cap in place.”

The new method, if successful, would stop the leak long enough for a so-called relief well to be drilled nearby and provide a permanent seal.

Crews are ahead of schedule in drilling a relief well and are about halfway to the end, with around 6,000 feet left to go, Suttles said. Completion of the well is still expected by about early August, he said.

Drilling on the second of two relief wells, which was temporarily suspended so that its blowout preventer could be available if the top kill failed, is expected to resume “shortly,” David Nicholas, a spokesman for BP, said today in a telephone interview.

BP’s costs from the spill rose to $940 million, the London- based company, the largest producer of oil and gas from the


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Zero Hedge

Greek 'Thought Police' Prosecute Bishop For (Accurately) Calling 'Refugees', "Illegal Migrants"

Courtesy of ZeroHedge. View original post here.

Submitted by Maria Polizoidou via The Gatestone Institute,

  • The Minister for Immigration Affairs himself, repeatedly stated that 50% to 70% of migratory flows to Greece were illegal migrants and the rest were refugees. The illegal migrants come from 77 different countries.

  • If it is a "racist crime" for a citizen to express accurately the percentages of refugees and illegal migrants entering the country, what will...



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ValueWalk

Greater Fool Theory: What Does It Mean For Investors?

By SG Value Investor. Originally published at ValueWalk.

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The Greater Fool Theory is when the price of a good is not determined by its intrinsic value, but rather by irrational beliefs and expectations of market participants. Essentially, it is about buying a good at a price then offloading it to the next fool at a higher pr...



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Phil's Favorites

Drone Meets Shotgun: 65 Year-Old Woman Blasts Drone Out of Sky

Courtesy of Mish.

Safety’s Off

In response to Pizza from the Sky: New Zealand Tests Drone Delivery; What About Bombs? reader John emailed a link about a 65 year-old woman blasting a drone from the sky.

Let’s also take a look at a comment from a reader who claimed I was fearmongering about drone delivery of bombs.

Blasted to Smithereens

Ars Technica reports ...



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Chart School

Buyers Step Up

Courtesy of Declan.

A respectable day for markets, unwinding much of the damage caused by Friday's selling. Volume was down, which softened the day's buying.

The S&P had the best of the action, which was a little against expectations for Tech/Semiconductors to drive the gain.


The Nasdaq only managed half the gain, but there was still a lingering weakness with some selling into the close. The 20-day MA is acting as supply.

...

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Market News

News You Can Use From Phil's Stock World

 

Financial Markets and Economy

Central Bankers Spurn Call for Radical Approach at Jackson Hole (Bloomberg)

Central bankers aren’t retreating from the fight against low inflation, although they’re wary of launching a fresh assault on any daring new fronts.

Asian Stocks Erase Losses as Japan Shares Gain on Stimulus Bets (Bloomberg)

Asian stocks erased losses and most Tokyo shares rose amid speculation policy makers will move to shore up financial markets after Britain’s vote to leave the European Union.

...



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OpTrader

Swing trading portfolio -week of August 29th, 2016

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Kimble Charting Solutions

Banks attempting to breakout of pennant pattern

Courtesy of Chris Kimble.

When one looks back over the past 10-years and compares the performance of Banks to the broad markets, banks look broken. We shared with members last week that since the highs in 2007, banks have under performed the S&P 500 by nearly 77%. Is this under performance about to end?

CLICK ON CHART TO ENLARGE

Financial ETF (XLF), appears to have been forming a multi-year pennant pattern over the pas...



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Biotech

Epizyme - A Waiting Game

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Epizyme was founded in 2007, and trying to create drugs to treat patient's cancer by focusing on genetically-linked differences between normal and cancer cells. Cancer areas of focus include leukemia, Non-Hodgkin's lymphoma and breast cancer.  One of the Epizme cofounders, H. Robert Horvitz, won the Nobel Prize in Medicine in 2002 for "discoveries concerning genetic regulation of organ development and programmed cell death."

Before discussing the drug targets of Epizyme, understanding epigenetics is crucial to comprehend the company's goals.  

Genetic components are the DNA sequences that are 'inherited.'  Some of these genes are stronger than others in their expression (e.g., eye color).  Yet, some genes turn on or off due to external factors (environmental), and it is und...



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Digital Currencies

Man Who Introduced Millions to Bitcoin Says Blockchain Is a Bust

 

Man Who Introduced Millions to Bitcoin Says Blockchain Is a Bust 

By  at Bloomberg

Excerpt:

Stefan Thomas, who introduced millions of people to bitcoin, has had a change of heart.

Blockchain, the ledger software that makes the digital currency possible...



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Mapping The Market

Illusion of Choice

From Jean-Luc:

Looks like we are down to about 10 companies for our consumer goods:

http://www.visualcapitalist.com/illusion-of-choice-consumer-brands/

Just like banks, airlines and cable companies! 

The Illusion of Choice in Consumer Brands

Explore the full-size version of the above graphic in all its glory.

If today’s infographic looks familiar, that’s because it originates from a well-circulated report that Oxfam International puts together to show consolidation i...



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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Help One Of Our Own PSW Members

"Hello PSW Members –

This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible.  Feel free to contact me directly at jennifersurovy@yahoo.com with any questions.

Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts.  After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.)  Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

http://www.youcaring.com/medical-fundraiser/help-get-shadowfax-out-from-the-darkness-of-medical-bills-/126743

Thank you for you time!




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