THE NEWS: The U.S. judge who overturned a six-month offshore drilling ban Thursday denied an Obama administration motion to let the moratorium remain in place during the appeals process. Meanwhile, BP PLC's (BP, BP.LN) shares hit a 14-year low in U.S. trading. THE DETAILS: U.S. District Court Judge Martin Feldman in New Orleans rejected Obama administration efforts to maintain the drilling moratorium while it appeals his ruling. President Barack Obama imposed the ban in response to the Gulf of Mexico oil spill. In denying the appeal, Feldman cited "the same reasons given" in his Tuesday ruling striking down the drilling ban: that the administration hadn't provided enough facts, and the administration's decision "simply cannot justify the immeasurable effect" on the plaintiffs, the local economy, the Gulf region and the domestic energy market that relies on oil. THE NEXT STEP: The Obama administration is expected to file an emergency motion with the 5th Circuit Court of Appeals, asking the panel to keep the moratorium in place until the legal fight over Feldman's injunction is resolved. An official in the 5th Circuit clerk's office has said the court has three-judge panels on standby to handle emergency motions. MARKET ACTION: BP's shares fell in the U.S. and London Thursday, with its U.S. shares hitting a fresh 14-year low as investors continued to fret over the uncertainty surrounding the oil giant's liability and containment efforts. BP's American depositary shares Thursday lost 3.1% to $28.74 after earlier hitting an intraday low at $28.56, the stock's lowest point since Aug. 9, 1996. The stock is now down some 53% from where it closed April 20, the day the Gulf rig exploded. In London, the stock closed 2.5% lower. Meanwhile, the cost to insure BP's bonds fell modestly from Wednesday but remained elevated, according to data from Markit. COLLECTION EFFORTS: BP's collection efforts dropped Wednesday after the company spent much of the day reinstalling a containment cap on the leaking well. A robot submarine collided with the cap, dislodging it. BP ended up collecting 16,830 barrels of oil, down nearly 40% from the previous day. SKY: BP MULLS SELLING ASSETS IN LATIN AMERICA: BP is considering offloading some assets in Latin America, Sky TV reported Thursday. The report said the biggest piece being considered is a $9 billion stake in Argentina-based Pan America Energy. Additionally, the report said BP is in the early stages of evaluation and no decisions have been made. The move is the latest step in BP's efforts to shore up its finances in the face of possible liabilities stemming from the Gulf oil spill, Sky said. Louisiana Treasurer Says BP's Partners Should Contribute Louisiana state Treasurer John Neely Kennedy called for Anadarko Petroleum Corp. (APC) and Mitsui Oil Exploration to contribute to the Gulf spill escrow fund, a $20 billion account BP agreed to set up last week. The fund will cover costs and damages stemming from the spill. Anadarko owns a 25% stake in the well; the Houston-based unit of Japan's Mitsui Co. (MITSY, 8031.TO) holds 10% interest in the Macondo field. BP is the well operator and has a 65% stake. Eyeing Tropical Wave A tropical wave over the western Caribbean Sea continues to produce showers and a few thunderstorms across parts of Hispaniola, Jamaica, Cuba and the Cayman Islands, but it hasn't increased in strength, the National Hurricane Center reported Thursday. However, the odds of the tropical disturbance developing into a tropical cyclone during the next 48 hours increased to 40% Thursday morning. The wave was moving northwest at 10 miles per hour. Most models now see it tracking over Mexico's Yucatan and then north into the Gulf of Mexico. Some continue to predict it will head toward the BP oil-spill area. For more coverage of the oil spill, please search under the code BP for these stories: -Louisiana Treasurer:BP Partners Should Contribute To Spill Escrow -Florida Closes Pensacola Beaches Due To Oil -Judge Denies U.S.'s Motion To Keep Drilling Ban During Appeal -BP:Total Oil Recovered On Wednesday About 16,830 Barrels -BP Mulls Selling String Of Assets In Latin America - Sky News -BP WATCH: BP's Shares Fall As Worries Over Uncertainty Weigh -WSJ: Hornbeck Offshore Had Low Profile Before Challenging Drilling Ban -Caribbean Tropical Disturbance Hasn't Increased In Strength-NHC (END) Dow Jones Newswires June 24, 2010 17:32 ET (21:32 GMT)
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