Monday, May 17, 2010

Energy News


· Oil plumes up to 10 miles long detected beneath surface of Gulf – Scientists said plumes of oil were under the surface of the Gulf after BP hit another snag in an effort to contain the leaking oil well. At this point there are 210K gallons per day that are leaking from the well.  

· Gulf spill moves towards Mississippi delta – Stronger than expected winds moved the oil slick in the Gulf closer to the Mississippi Delta. It is expected that oil near Terrobone bay and Southwest Pass will reach the shore due to the onshore winds.  

· BP / oil spill – After another unsuccessful attempt, BP said it would work around the clock to stop the leaking oil well in the Gulf of Mexico. The newest plan is to inject chemicals deep into the Gulf to break up the leaking oil.  

· China and Nigeria in $23B oil deal – China agreed to spend $23B to build oil refineries and other infrastructure in Nigeria. The move could strengthen the country’s presence in the global oil market. FT

· New greenhouse rules unlikely to have immediate impact on Alabama Power plants – Alabama Power Co has said that the new greenhouse gas regulations have had no immediate impact on the company’s operations.  

· BP says progress in effort to contain oil spill – BP was making progress Monday with efforts to halt the gushing oil from a leaking well in the Gulf of Mexico. Reuters

· Oil below $70, lowest in over 3 mths – Oil prices fell  under $70 on Monday, their lowest in three months over concerns of rising inventories in the U.S. and a weaker euro. Reuters

· Speculators slash bets on gain in gasoline by 44%, CFTC says – HFs and speculators cut bets on gasoline by 44% as they see it moving from highs. Bloomberg

· Department of Justice confirms criminal probe into Massey Energy's West Virginian mine explosion – The DOJ said they are investigating if there was willful criminal activity by Massey Energy for the coal mine where 29 workers died last month. Foxnews

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