At least for the moment, no oil is flowing in the Gulf of Mexico from BP's damaged well. Testing continues to see whether the new riser cap will be able to hold back the oil without causing further damage to the well, but at least for now, it's a beautiful sight to see. CNN indicates that President Obama is expected to comment on the developments at 4:45PM ET.
Update: CNN has updated its earlier reporting. It turns out President Obama's remarks will primarily focus on the passage of Wall Street Reform, though it's possible he may also discuss developments in the Gulf.
Update 2: CNN is updating once again to say it's unlikely President Obama will discuss the leak -- and he certainly won't declare the crisis over. Anyway, we'll find out what he says when he says it.
Update 3: As a reminder: stopping the flow is part of a series of tests and as a part of those tests, the well could be reopened. If the tests indicate that the well can safely remain shut, it will be shut, but if as part of the testing, the well is reopened, it won't necessarily indicate failure of the test.
Update 4: President Obama did in fact focus on Wall Street Reform (slamming John Boehner for saying it should be repealed), but he did describe the news from the Gulf as a "positive sign" but added that we're still in the "testing phase" and that he'd have more to say on it tomorrow.
Update 5: Statement from Ret. Coast Guard Admiral Thad Allen, the national incident commander:
"We're encouraged by this development, but this isn't over. Over the next several hours we will continue to collect data and work with the federal science team to analyze this information and perform additional seismic mapping runs in the hopes of gaining a better understanding on the condition of the well bore and options for temporary shut in of the well during a hurricane. It remains likely that we will return to the containment process using this new stacking cap connected to the risers to attempt to collect up to 80,000 barrels of oil per day until the relief well is completed."
By way of the mothership diary, here's a link to CNN's live feed of the damaged leak.