Possible New Huge Oil Spill in the Gulf

There may be another new huge oil spill in the gulf.  I caught wind of this on some internet message boards but have not been able to confirm the story.    I am not seeing any coverage on the major TV networks.  The internet chatter is saying it could be a 100 mile by 10 mile wide sheen of oil.

I suggest you check twitter real time breaking news as the best source of new information on this.  The major TV networks are simply too slow for breaking news, they are asleep at the wheel!

The US Coast guard is investigating now according to their website.

I have no idea if this story is true or inaccurate but I would say that if it is true I can easily see the Dow down 300 to 500 points next week…   If nothing else, a huge oil spill like that would certainly not help with overall sentiment.

Interestingly, I just looked at the chart of BP and it looks like a very good short candidate based on the chart structure.    Also WTI chart also looks very bearish and an outstanding short candidate… Wow. 

I suppose we will know by Sunday sometime if this story is real or not (and maybe the TV networks will wake up!).

Posted in Trading News
3 comments on “Possible New Huge Oil Spill in the Gulf
  1. Geoff says:

    see http://www.zerohedge.com/

    this site has preliminary information along with 445 comments posted so far as of Sunday midday

  2. ed says:

    Speaking of rising oil prices

    Today they are bombing Libya because the people “asked for help”. Didn’t the Iranians?

    Libya has no middle class, no opposition party. Obama knows that there is nobody in Libya to take Quadafi’s place except Al qaeda or the Muslin Brotherhood. Plus he gets to squander more money that we don’t have. Cruise missiles at around $500,000 each. Over a hundred launched to far.

    Eventually, in desperation, Quadafi will use his oil fields as hostages, threatening to blow them up one by one if the U.S. led invaders don’t back off.

    Funny, I haven’t heard any “experts” on Quadafi in the media saying this. Pretty obvious to me

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