Tuesday, June 8, 2010

Energy News

· Obama has strong words as Gulf spill spreads – President Obama said he looks find who is responsible, among a few other comments, for the Gulf spill. Obama continues to increase pressure on BP for the spill. Reuters
· BP - Obama says he would have fired Hayward, BP’s CEO.    http://news.bbc.co.uk/2/hi/world/us_and_canada/10262385.stm
· Obama cites corner cutting in BP spillPresident Obama cited safety shortcomings and corner cutting as a prime reason for the nation’s worst environmental disaster. Bloomberg
· Imagining the worst in BP’s future – The NYT is highlights the possibilities of BP’s share price plunge spurring a takeover, saying Shell and ExxonMobil are both licking their chops at the discounted valuation. Legal teams are looking into scenarios where BP would file a prepackaged bankruptcy and separate the costs of the cleanup into a separate entity. NY Times http://www.nytimes.com/2010/06/08/business/08sorkin.html?ref=todayspaper
· Gartman – Deepwater ban won’t send oil prices soaring – Dennis Gartman said estimates that oil may reach $100 are laughable due to the fact that the market is in a huge contango and there is more than enough oil in storage above ground. CNBC http://www.cnbc.com//id/37559559
· Technip says no orders cancelled after BP Gulf spillTechnip said it hasn’t seen any order cancellations following the Gulf spill, according to the company’s COO. Bloomberg
· U.K. increases North Sea rig inspections after BP spill in the Gulf – The U.K. gov’t will increase inspections of North Sea rigs after the explosion in the rig in the Gulf which caused the worst oil spill in U.S. history. Bloomberg
· US Energy Drilling – White House on Mon said it was moving quickly to roll out new safety requirements to reopen shallow water drilling; the new rules could be published as early as Tues; the WH came under pressure b/c of a loss of jobs – WSJ   http://online.wsj.com/article/SB20001424052748703303904575292210472764880.html#mod=todays_us_front_section
· US Energy drilling - EOG - has voluntarily suspended operations in Pennsylvania as a result of a recent well control incident during the final stages of completing the Punxsutawney Hunt Club #36H natural gas well in Clearfield County
· US Energy Drilling – WH press Sec Gibbs says BP faces liabilities “in the many billions of dollars”   the White House added on Mon that it supports lifting the $75MM liability cap for oil companies drilling offshore.  WSJ   http://online.wsj.com/article/SB20001424052748703303904575292210472764880.html#mod=todays_us_front_section
· US Energy Drilling – BP says the containment system is on track to collect oil at a pace of 15K barrels per day, the maximum limit of the single solution; a second ship is due to arrive in mid-June and will be able to collect more crude; the relief wells aren’t expected to be drilled until Aug.  WSJ  http://online.wsj.com/article/SB20001424052748703303904575292210472764880.html#mod=todays_us_front_section
· US Energy Drilling - A natural gas pipeline exploded in north Texas on Monday afternoon, CNN reported.  WFAA-TV, the Dallas/Fort Worth station, reported three people were dead and 10 were unaccounted for after the blast.  Reuters
· IEA to cut Gulf oil output estimate on US law – The IEA may cut Golf output estimates up to 300K barrels per day by 2015 due to higher regulations on deepwater drilling from the U.S.  The IEA’s deputy executive director said their preliminary estimate is that they will cut estimates by 100-300K per day. Forexpros http://www.forexpros.com/news/interest-rates-news/interview-update-1-u.s.-gulf-oil-output-estimates-face-cut--iea-141796
· Saudi's Naimi sees oil staying at $70-$80 – Saudi Arabia’s oil minister said prices should stay in their ideal range of $70-80 a barrel despite recent worries. The minister said he feels there is a general consensus that that is the fair price. Arab News http://arabnews.com/economy/article62498.ece
· In drastic green energy proposal, U.S. pays most – The world could generate 95% of its electricity from renewables by 2050 according to green lobby groups. The United States would be expected to be paying about 1/3 of the budget of $18T by 2030. Reuters
· SPWRA to build 9.1MW solar plant in Spain for Naturener Group. Bloomberg
· Goldman Sachs upgraded BRS (to buy from N), ESV (to buy from unrated), NBR (to buy from N), DRC (to N from sell), BAS (to N from sell).
· Goldman Sachs downgraded NE (to N from buy), RIG (to N from buy), ATW (to sell from N), DO (to sell from N)

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