15 Jun 2010 17:18
AFTER THE BELL-BP falls after Merrill trade report
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NEW YORK, June 15 (Reuters) - U.S.-listed shares of BP Plc <BP.L><BP.N> fell 1.2 percent to $31.02 in extended trade on Tuesday after a Reuters report that Bank of America Merrill Lynch <BAC.N> has ordered traders not to enter into oil trades with the company. [ID:nNYL002041]
(Reporting by Chuck Mikolajczak)
BP: B of A Stops Long-Dated Oil Trades; Leak as High as 60K Barrels Per Day
By Tiernan Ray
Shares of BP (BP) fell 45 cents, or 1.4%, 85 cents, or 2.7%, in late trading, to $31.40 $30.55, after Reuters reported that Bank of America (BAC) has told its traders not to enter into oil trades with BP extending beyond June of 2011, citing anonymous people familiar with the âmarket directive,â which supposedly came from a âhigh-level executive.â
The new restriction is said to include âany trades in physical commodities, derivatives and swaps for crude oil and products.â
Reuters reports no reason was given for the directive, except a generally more cautious stance by B of A with respect to BP. Neither BP nor B of A would comment. BPâs oil trades in general have not been curtailed since the April 20 Gulf of Mexico spill, and âthe directive did not reference any reduction in overall credit volume the bank would extend to BP,â the article notes.
Meantime, âfederal and independent scientistsâ this afternoon announced theyâd found the rate of flow from the Gulf leak is yet again higher than previously estimated, now in a range of 35,000 to 60,000 barrels per day, higher than a prior range offered of 20,000 to 40,000, Dow Jonesâs John Kell writes.
http://blogs.barrons.com/stockstowa...high-as-60k-barrels-per-day/?mod=yahoobarrons
AFTER THE BELL-BP falls after Merrill trade report
--------------------------------------------------------------------------------
NEW YORK, June 15 (Reuters) - U.S.-listed shares of BP Plc <BP.L><BP.N> fell 1.2 percent to $31.02 in extended trade on Tuesday after a Reuters report that Bank of America Merrill Lynch <BAC.N> has ordered traders not to enter into oil trades with the company. [ID:nNYL002041]
(Reporting by Chuck Mikolajczak)
BP: B of A Stops Long-Dated Oil Trades; Leak as High as 60K Barrels Per Day
By Tiernan Ray
Shares of BP (BP) fell 45 cents, or 1.4%, 85 cents, or 2.7%, in late trading, to $31.40 $30.55, after Reuters reported that Bank of America (BAC) has told its traders not to enter into oil trades with BP extending beyond June of 2011, citing anonymous people familiar with the âmarket directive,â which supposedly came from a âhigh-level executive.â
The new restriction is said to include âany trades in physical commodities, derivatives and swaps for crude oil and products.â
Reuters reports no reason was given for the directive, except a generally more cautious stance by B of A with respect to BP. Neither BP nor B of A would comment. BPâs oil trades in general have not been curtailed since the April 20 Gulf of Mexico spill, and âthe directive did not reference any reduction in overall credit volume the bank would extend to BP,â the article notes.
Meantime, âfederal and independent scientistsâ this afternoon announced theyâd found the rate of flow from the Gulf leak is yet again higher than previously estimated, now in a range of 35,000 to 60,000 barrels per day, higher than a prior range offered of 20,000 to 40,000, Dow Jonesâs John Kell writes.
http://blogs.barrons.com/stockstowa...high-as-60k-barrels-per-day/?mod=yahoobarrons
