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Home / Futures Blog / Crude oil futures fall, while BP sees light at the end of the tunnel

Crude oil futures fall, while BP sees light at the end of the tunnel

July 20, 2010 by Daniels Trading

Crude oil futures fell on Wednesday, as a report from the Department of Energy showed that stockpiles of crude, gasoline and heating oil all increased in the week ending July 16.

The price of the ICE West Texas Intermediate light, sweet crude oil futures contract fell .46 percent to $77.22 per barrel at 1 p.m. EST.

“This is a pretty clear case of supply outpacing demand,” Tim Evans, an analyst at Citi Futures Perspective in New York, told Bloomberg News.

In the Gulf of Mexico, BP’s efforts to shut down the oil-spewing Deepwater Horizon well may finally bear fruit. After completely sealing the leak with a new cap earlier, the engineers began conducting tests to see if the well still had structural integrity, monitoring the pressure exerted by escaping oil.

The tests indicate that the well is basically intact, meaning that it can be permanently sealed by plugging it with mud and cement. BP now wants to begin filling the top of the well with drilling mud as soon as July 24, closing off the flow of oil. It’s afraid that a tropical storm may disrupt the drilling of the relief well.

BP also agreed to sell oil fields in the U.S., Canada and Egypt to Apache Corporation for $7 billion in order to raise cash for a $20 billion relief fund.

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This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

Filed Under: Archived News

About Daniels Trading

Daniels Trading is an independent futures brokerage firm located in the heart of Chicago’s financial district. Established by renowned commodity trader Andy Daniels in 1995, Daniels Trading is built on a culture of trust committed to the firm’s mission of Independence, Objectivity and Reliability.

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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