gulf of mexico

Transocean (NYSE:RIG) Must Turn Over Records Says Barbier

Filed in BP, Carl Barbier, gulf of mexico, o, silver, transocean by on December 20, 2010 0 Comments

Transocean (NYSE:RIG) has been ordered by U.S. District Judge Carl Barbier to turn over safety records that encompass other rigs they had in the Gulf of Mexico at the time of the explosion of the Deepwater Horizon oil rig it had been leasing to BP (NYSE:BP).In the early part of November, Transocean, which had been resisting pressure to turn over the documents concerning other rigs in the region,

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Ultra-Deepwater Rigs are Back

Ultra-Deepwater Rigs are Back

Ben Bernanke, head of the Federal Reserve, went on 60 Minutes over the weekend and talked about a third round of quantitative easing (QE3). I’m of the opinion that you can’t spend your way out of a debt crisis, but Ben believes in “priming the pump” by spending — or loaning to banks, anyway. And by banks, we mean the massive trading companies that got us into this mess to begin with. Bernanke thinks that by giving money to banks so that they can loan it will spur small business growth and other spending… The problem is that money is like your ex-girlfriend; it goes where it is treated best. And right now, the market believes that the commodity super-cycle spurred by emerging market demand and inflationary fears will continue to push higher. Unintended consequences As I write this, oil is running just shy of $90 a 26-month high. Gold popped up to $1,424 — a near record. Silver is at a 30-year high. According to the Associated Press , Bernanke said he hopes the Fed’s bond buying will lower bond yields and encourage investment in stocks, boosting business activity and economic growth in the country. But what is happening is that — at a time when we need inexpensive commodities to lower costs — we have record prices in coal and gasoline will average more than $3.00 a gallon by Christmas. If you remember the sharp rise in commodity prices (most notably oil to $147 a barrel) crushed the U.S. economy back in 2008. The low price of oil ($33bbl) coincided with the bottom in March of 2009. (Oil is black, SP500 is gold in the chart below): The shakeout in commodities also took out a host of highly-leveraged hedge funds as they got crushed with margin calls. The New York Times reported in March 2009 that more than 200 hedge funds went under with losses of $84 billion. In December 2008, I recommended buying four gold companies that were trading at less than cash at the time. This was back when gold miners were sold off to a negative market value during a severe economic crisis, and when the gold price was moving up as a safe haven. That is the power of speculators in the commodities market. And right now, the speculators are being fed free money from Ben…

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Transocean (NYSE:RIG) Talking with Shell (NYSE:RDS-A), Anadarko (NYSE:APC), BHP (NYSE:BHP Over Force Majeure

Transocean (NYSE:RIG), which owned the Deepwater Horizon oil rig which was operated by BP (NYSE:BP) at the time of the explosion in the Gulf of Mexico, is in talks with Shell (NYSE:RDS-A), Anadarko (NYSE:APC), BHP (NYSE:BHP over force majeure, or otherwise known as ‘Acts of God,’ as the Obama administration refuses to allow any new permits in the region. Although the Obama administration has

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Cameron International (CAM): Rising Demand for Subsea Safety Systems

Filed in Bank Gold, commodities, gulf of mexico, o, ubs by on November 30, 2010 0 Comments
Cameron International (CAM): Rising Demand for Subsea Safety Systems

Filed under: International Markets , Newsletters , Commodities , Oil , Stocks to Buy “The disaster in the Gulf of Mexico is likely to have positive ramifications for Cameron International ( CAM ),” says energy sector specialist Elliott Gue . The editor of The Energy Strategist explains, “The political fallout could usher in stringent regulations governing blowout preventers (BOP), subsea equipment and redundant safety systems on rigs. “Such an outcome would be consistent with past experience in the energy industry. After the Exxon Valdez spill, the government pushed oil companies to use double-hull tankers and phase out single hulls. Continue reading Cameron International (CAM): Rising Demand for Subsea Safety Systems Cameron International (CAM): Rising Demand for Subsea Safety Systems originally appeared on BloggingStocks on Tue, 30 Nov 2010 13:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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BP (NYSE:BP) Must Wait for Devon (NYSE:DVN) Oil Block Decision from Brazil

The state oil director of Brazil, ANP, told BP (NYSE:BP) they’ll have to wait until 2011 before they decide on whether or not to allow them to go ahead with a proposed acquisition of offshore oil blocks from Devon Energy (NYSE:DVN). ANP said they want to get more clarity on the plans of BP for the oil blocks before they make the decision. Also of concern was a requirement for more information

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