The WSJ reports that BP sold a "larger than expected" amount of bonds today.
The sale by BP Capital Markets PLC, a funding arm of the U.K. energy giant, was originally slated at $2 billion to $3 billion but was increased as a result of high demand. There were $12 billion of orders, the people said.
That either indicates a great deal of confidence in BP, the oil industry, and the commodity-value of oil itself, or it shows a serious lack of confidence in about everything else. Of course, I could be completely wrong on this, as the vigor of "everything else" will drive the price of oil. And we are dealing with bonds, of course, and not stocks.