UK Andrew Marr TV show that the new cap put in place by the company is bringing up 10,00 of barrels of oil per day. This is most likely the majority of the oil and BP are working to optimize the rest over the next few days.
This is the first piece of good news for BP for weeks. Although the terrible catastrophe that was unleashed will remain as an environmental challenge for years to come.
Also there are now some good contrarian indicators coming into place. The US President has been talking about taking every penny from BP and stopping dividends. The UK bank analysts have been talking up the prospect of a take-over. When things get this bad you are normally at the nadir of a crisis.
Earlier in the week I said I would buy BP at under £4.00, but with this news and the price at £4.33 now may be a good chance to pile in. I don't doubt the dividend is going to get cut for political purposes if nothing else. just like Tony Hayward will get sacked.
This will mean the long-term share price of BP is not going to recover towards £6.00, however, at £5.00 with an 8-10% dividend that will be a pretty good investment.