Friday, June 25, 2010

BP Tumbles to Fresh 14-Year Lows

Shares of BP are down nearly 9% in London today, reaching its lowest levels in 14 years.

In addition, BP is no longer Europes's largest oil company.

The latest publicly announced reason is that first tropical storm of the hurricane season is forming this weekend. Thunderstorms are intensifying in the Caribbean off Honduras and Nicaragua.

BP has been capturing up to 27,000 barrels of oil out of a now estimated... 65,000 daily. The lies, lies and lies!

Still holding BP 35 and 25 straddles, will update later today.

BP is trading around $27 in pre-market the U.S., still a long ways to go.

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