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The Morning Outlook - All Eyes on BP

|Includes: BP p.l.c. (BP)
Futures point to a slightly higher open in U.S. markets (.04%) despite a mixed day in the world markets. The Euro has increased slightly from its lows due to promissory investment from some of the world’s biggest central banks, and will probably have a hand in boosting U.S. markets this morning. Oil and Gold both dropped slightly. Investors are sitting on the edge of their seats waiting for some economic numbers including pending home sales and auto industry May sales, two indicators of the recovery. 
Despite all the economic numbers, it seems as though mostly everyone has forgotten all about the Euro Zone issues and focused soley on BP’s debacle in the Gulf of Mexico. Reports say that rust colored oil has begun to wash up on the shores of Alabama and Mississippi and BP’s stock continues to plummet. Currently BP is trading at 37.09. 
The newest solution to the oil spill is to cut away the broken riser pipe and place a new cap over the well opening. Analysts state that the move is risky because 100,000 more gallons of oil are estimated to leak out from the procedure alone, not to mention that if it does not work, the well will be completely opened.

It is estimated that 500,000 to 1 million gallons of oil have already surged into the Gulf of Mexico over the past six weeks. Interviews of those involved in Ocean dependent industries surface daily and the situation for BP becomes worse each day. 

Disclosure: no positions