Energy Trading News to be aware of

         Oil falls below $77, down $10 in the past week – Oil fell $10 over the past week in a violent reaction to a growing sovereign debt crisis in Europe and more bearish growth prospects. Reuters

         Containment chamber expected atop US Gulf leak – BP engineers are expected to lower a massive containment chamber into the ruptured oil well in the Gulf in an effort to stem the slick. The structure is hoped to redirect the flow of crude from 1 mile below the surface and pump it back up to sea level. Oil moved ashore on a chain of islands off the coast of Louisiana, and a group of oiled birds have already been found. Reuters

         Arab oil ministers meet after price fall – Oil ministers gathered in Qatar to discuss a plan for a 10% weekly fall in oil over debt worries and global demand. Producers are concerned what would happen if the debt crisis spreads across Europe and over the Atlantic. Forexyard

         Indian billionaire Mukesh Ambani wins gas ruling – India's Supreme Court ruled that the ruled that the gov't is the legal owner of natural gas and its sharing agreement, overriding all other contracts and obligations. The court told the brothers to renegotiate their contract over the next six weeks to abide with the gas-pricing policy. Forbes

         Bank of Canada says beware of commodity boom – The Bank of Canada warned investors not to bank on a continuous rise in oil and other commodities, despite the fact that they could rise to even higher levels. While the bank said they can't rule out another sharp rise in commodities, history shows that a continuous upward move in prices is unlikely. Reuters

         ATLS reports 1Q earnings – ATLS reported earnings of $0.18 (st. $0.16) on revenues of $429M. Bloomberg

         NFG reports 2Q earnings – NFG reported earnings of $0.97 (st. $0.96) and narrowed their FY10 production guidance to 46-51Bcfe from 44-51Bcfe. Bloomberg

         CPE reports 1Q earnings – CPE reported 1Q earnings of $0.13 (st. $0.08) on revenues of $23.4M (st. $22.7M). Bloomberg

         ME reports 1Q earnings – ME reported 1Q earnings of $0.15 (st. $0.09) on revenues of $243.1M (st. $228.4M). Bloomberg

         Massey Energy reactivates W. Virginia operations – MEE reactivated its surface mines in Logan and Mingo Counties which hold around 4.4M tons of steam coal. Bloomberg

         HAYN reports 1Q earnings – HAYN reported 1Q earnings of $0.08 (st. -$0.03) on revenues of $94.6M (st. $84.7M). Bloomberg

         SD reports 1Q earnings – SD reported 1Q earnings of $0.01 ex-items (st. $0.17) on revenues of $169.6M (st. $249.7M). Bloomberg

         EGLE reports 1Q earnings – Eagle Bulk Shipping reported earnings of $0.07 (st. $0.06) on revenues ot $54.2M (st. $50.6). Bloomberg