$BP is throwing another Hail Mary… US gasoline price falls to 3-month low Iraq says oil export income higher than expected for 5 months $SPY

· BP tries again to curb oil spill, stock falls anew – BP moved ahead with its effort to curb the leaking oil well in the Gulf as shares continue to slide on Wednesday. The new, riskier plan, uses robot submarines cutting away what is left of the well’s leaking riser pipe. Reuters

· Hurricane would halt BP effort to seal leak, leaving oil floating – A Gulf hurricane would interrupt BP’s efforts to seal its leaking oil well and force ships siphoning oil from the well to take shelter for over a week. Analysts say BP would lose 7-10 days of drilling relief wells if a hurricane would strike near its Macondo well. Bloomberg

· BP at risk as share plunge fuels takeover speculation – BP’s failure to stop an oil leak in the Gulf may leave them in a fight to stay independent. The market value of the company has fallen over $58B since the explosion, leaving them vulnerable to a takeover. Bloomberg

· Iraq says oil export income higher than expected for 5 months – Iraq said its oil-export income was more than estimated for the first five months of the year. The gov’t said they expect to maintain that level in the near-term and doesn’t expect crude prices to fall below $65 a barrel. Bloomberg

· Judge to rule on contested violations at Massey Energy’s Tiller mine – Massey Energy is hoping a judge will reduce four significant violations to a lesser category, which would allow Tiller to avoid a “pattern of violations” status. The president of a Massey subsidiary that runs the Virginia mine said an adverse ruling could be a “death sentence” for the mine. Washington Post  

· HAL to provide update on Gulf of Mexico operations – HAL is holding a conference call at 11AM ET June 2. Dial-in is 866-327-2267, pw: 79553748.

· CNX enters into settlement agreement with Yukon Pocahontas Coal and others – CNX entered into a settlment agreement with Yukon Pocahontas, Buchanon Coal, and Sayers-Pocahontas Coal to resolve litigation pending in the Circuit Court of Buchanon Country, VA. Under the agreement, CNX will pay the Yukon parties amounts totalling $75M. Bloomberg

· Singapore SMX to vie with NYMEX  crude futures – The SMX aims to join the big leagues of oil trading, replicating a crude benchmark at Asia’s energy hub while tighter regulations await rival bourses in New York and London. Reuters

· US gasoline price falls to 3-month low – The average price at the pump hit its lowest level in three months according to the Energy Department. The nat’l average for regular unleaded fell 5.8c to $2.73 a gallon last week. Reuters

· Indonesia's Bumi Q1 net drops, sees strong 2010 – PT Bumi Resources, the largest coal miner in Indonesia, reported a 22% drop in profits, beating estimates. The company said it sees profits and revenues rising more than 10% in 2010 thanks to increased coal production and an average price of $67/ton or more. Reuters

· Reliance may invest in coal-based power plants – Reliance Industries said it is considering investing in coal-based power plants to meet rising demand for electricity in India. Reuters

· Malaysia's Shin Yang aims for $125 mln from IPO – Malaysia’s largest shipping operator is hoping to raise $125M from its IPO at the end of June. Indicative prices suggest 1.1-1.2x book value. Reuters

· China imposes Xinjian 5% price-based resources tax on oil, gas – China put a 5% resource tax on crude oil and natural gas produced in Xinjian, according to the Ministry of Finance. Bloomberg

· CSIQ provides 1Q update, postpones quarterly conf call to June 2- CSIQ said it shipped an estimated 186.4MW of modules during 1Q10. The company said Europe continues to be its largest market and shipments grew to increased demand ahead of Germany’s proposed feed-in-tariff reduction. Bloomberg