Thursday, 24 June 2010
BP Update: All downside risk
But the news is no better, the flow of oil continues, mistakes are still being made. The US Government thinks even the relief wells may only have a 50% chance of success.
Until the newsflow is going to improve why buy this share, sentiment is going to take it down. if anything, I am considering a short position from here, looking at £3.00 for a close - a psychological level.
BP may not survive this crisis, too many US lawsuits to fight and if the oil keeps flowing into September then I expect the US Government will stat talking conservatorship again.
Who would have thought the UK's biggest company could end up in this state so quickly?