Local bundle adjustment (LBA) has recently been introduced to estimate the geometry of image sequences taken by a calibrated camera. Its advantage over standard (global) bundle adjustment is a great reduction of computational complexity, which allows real-time performances with a similar accuracy. However, no confidence measure on the LBA result such as uncertainty or covariance has yet been introduced. This paper introduces statistical models and estimation methods for uncertainty with two desirable properties: (1) uncertainty propagation along the sequence and (2) real-time calculation. We also explain why this problem is more complicated than it may appear at first glance, and we provide results on video sequences.