Indiana Grain Company, LLC

Posted: 07/12/10

By: tomgrisafi

Tonight on Futures Line I noted in my 6:30 commentary that shares of BP have been steadily on the rise since the U.K. oil juggernaut said a new system to contain the Gulf of Mexico spill was proceeding as planned.

Since then, we at Indiana Grain have been observing the mesmerizing underwater video footage of BP placing a new containment cap on its crippled well.

As it now stands, progress is being made on the leak that has openly gushed since a fatal explosion last April.

As CNN reports, if the new cap does not completely contain oil from the crippled well, "some may have to be brought to the surface to waiting containment ships."

The tests are due to begin Tuesday morning, CNN's Ed Lavandera reported on "The Situation Room." The process could take anywhere from six hours to two days.

Scientists will be checking the pressure inside the well, and then determining whether the cap is holding the oil in or if crews will need to continue siphoning oil.

According to BP Chief Operating Officer Doug Suttles, a critical step is making sure there's no hydrate buildup.