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

China Threatens Its Economists And Analysts To Only Write Bullish Reports, Or Else

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

When it comes to dealing with the mass media and its impact on public confidence, China has a long and illustrious history of not beating around the bush.  Last summer around the time its stock market bubble started to crack, Beijing banned the use of such terms as "equity disaster" and "rescue the market." Then earlier t...



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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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ValueWalk

China Strengthens Its Silk Road Influence With Natgas Mega-Project

By Jacob Wolinsky. Originally published at ValueWalk.

China Strengthens Its Silk Road Influence With Natgas Mega-Project

Big news in energy project finance this week. With a mega-project that no one thought could succeed coming through with a massive finance package.

That’s the Yamal liquefied natural gas (LNG) export terminal in northern Russia. A multi-billion dollar development that appeared dubious just a few months ago — as sanctions against Russia seemed to be preventing project financing from going forward.

But Yamal’s Russian owners confirmed over the weekend that they have just put together a significant portion of the funds needed to build the terminal. From a place where sanctions have little meaning — China.

Yamal’s Director General said that the project consortium  signed a loan agreement Frida...



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Phil's Favorites

Chart o' the Day: Nasdaq Weakness as a Headwind

Courtesy of Joshua Brown, The Reformed Broker

Stocks are having a rough open this morning and the Nasdaq is leading the carnage. The tech component of the Nasdaq looks even worse.

Tech is important for the market. It’s the source of a lot of the dividend growth and earnings growth that investors are expecting. It’s one of the only areas capable of secular revenue growth in a time of global sluggishness. It’s comprised of the highest profile companies that are changing our world.

And it’s a massive weighting in the S&P 500.

There are other sectors within the NDX, like consumer discretionary and biotech, that also have many stocks breaking lower. But tech is still the big wheel.

Jon Krinsky at MKM Partners points out the relative weakness in the NDX that’...



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Chart School

Market Cap to GDP: An Updated Look at the Buffett Valuation Indicator

Courtesy of Doug Short's Advisor Perspectives.

Note: This update incorporates lasat week's Advance Estimate of Q1 GDP.

Market Cap to GDP is a long-term valuation indicator that has become popular in recent years, thanks to Warren Buffett. Back in 2001 he remarked in a Fortune Magazine interview that "it is probably the best single measure of where valuations stand at any given moment."

The four valuation indicators we track in our monthly valuation overview offer a long-term perspective of well over a century. The raw data for the "Bu...



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Market News

News You Can Use From Phil's Stock World

 

Financial Markets and Economy

The wheels of the US economy may be grinding to a halt (Business Insider)

Or, as Bespoke Investment Group put it in a note Monday, "Both reported demand and reported supply of C&I loans are suggesting that credit will stop flowing to business from banks in the near future, if history is any guide."

U.S. Stock-Index Futures Decline as Growth Concerns Resurface (Bloomberg)

U.S. stock-index futures fell, following the S&P 500’s strongest advance in more than two weeks, amid rekindled angst over the sluggish pace of global growth and an unin...



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Kimble Charting Solutions

DAX Index (Germany) - Leading indicator pulling S&P down with it?

Courtesy of Chris Kimble.

Over the past 12-15 months, the majority of global stock markets have been in a down trend, creating a series of lower highs and lower lows. The German Stock market peaked around 6-weeks ahead of the S&P 500 last year and could be considered a global trend leader, creating a domino effect.

Below updates the pattern in the DAX index-

CLICK ON CHART TO ENLARGE

The DAX index remains inside of long-term rising channel (A), no doubt ...



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Digital Currencies

Is Craig Wright The Creator Of Bitcoin? Frisby and Matonis On 'Satoshi Nakamoto'

Courtesy of ZeroHedge. View original post here.

Is Craig Wright The Creator Of Bitcoin? Frisby and Matonis On ‘Satoshi Nakamoto’

By Mark O'Byrnewww.GoldCore.com 

Craig Wright, an Australian computer scientist, self-declared cyber security expert and entrepreneur, has claimed to be the creator of Bitcoin, the elusive &l...



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OpTrader

Swing trading portfolio - week of May 2nd, 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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Biotech

PRGO, VRX and an Overpriced Papa

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

By Ilene 

Remember this? It was Monday. PRGO is down from around $130 to under $100 since I started following it LAST WEEK. That's down almost 25% in a week, and almost 50% in the last year. So I wrote, 

"Perrigo CEO Joseph Papa leaves Perrigo (PRGO) to lead Valeant (VRX) while PRGO issues a warning about missing earnings expectations. Not surprisingly, PRGO stock plummeted today. 

Robert Ingram, Chairman of the [Valeant] Board, stated, "The Board has conducted a thorough search process and believes that Joe is the ideal leader for Valeant at this time. He has a strong shareholder orientation,...



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Mapping The Market

About that debate last night

Although we try to stay focused on finding and managing promising trade ideas, the comments in the comment section sometimes take a political turn (for access, try PSW — click here!). So today, Jean Luc writes,

The GOP debate last night was just unreal – are these people running to be president of the US or to lead a college fraternity! Comparing tool size? The only guy that looks semi-sane is Kasich. The other guys are just like 3 jackals right now. 

And something else – if Trump is the candidate, that little Romney speech yesterday is probably already being made into a commercial. And all these little snippets from the debate will also make some nice ads! If you are a conservative, you have to be scared now. 

Phil writes back,

I was expecting them to start throwing poop at each other &n...



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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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