BP (BP) and Transocean (RIG) have managed to hold onto gains despite today’s choppy session — the Dow is now down 80 points at 10,846 — after BP said that it had used submersible robots to shut off one of three leaks in the Gulf of Mexico spill.
BP is proceeding to tow a “containment dome” to the site of the leaks in hopes to stop of the rest of the spill.
Oil is to be sucked out of the dome to a rig waiting at the surface, which suggests perhaps some of it could be retained by BP, for actual use, but that’s a side point, obviously.
This is not without risk: BP Bob Fryar describes the procedure in a company video as “challenging” given it’s been done in shallow-water digs but never in deep water.
BP is also working on pumping material into the blow-out preventer to plug it up, as well as drilling a relief well next to the leaking well to divert that leak and capture it.
Meantime, despite crude oil leaking all over the place, the price for oil today’s fixed firmly on the global flight from risk, with futures on light sweet crude for delivery in June falling by $2.89 to $79.85 per barrel.
Oil majors also saw shares decline, with Exxon Mobil (XOM) down 38 cents, half a percent, at $66.09, and Chevron (CVX) off 62 cents, or 1%, at $80.14.
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