BP Soars on Preliminary Well Test (BP, RIG)

Shares of BP plc BP are soaring, currently higher by 8.62%, trading at $39.30. This comes after the company reported that they have potentially stopped the flow of oil into the Gulf of Mexico. While management said that they are “very encouraged” by the lack of flow, they reminded everyone that they still do not know if oil will remain shut in or if the well must be reopened due to pressure concerns. Management still does not know whether the well will remain capped or if they will be able to produce oil from the well yet. Shares of oil names across the board are rocketing higher. Transocean RIG is now higher by 4.93%.