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Apologies for the misspelling. Squinting is not clever when typing.
BP falls at any oil price dip. BP stagnate at any oil price rise.
BP's dip yesterday was not followed by other oil majors to the same extend. There seems to be a fundamental weakness and frailty in support for BP unlike other oilers.
How much is oil up this year in comparison to BP's share price ?
Let us see what surprised today has for us.
GLA
NEW YORK, Aug 2 (Reuters) - Oil prices tumbled about 4% on Monday as weak economic data from China and the United States, the world's top oil consumers, and higher crude output from OPEC producers stoked fears of weakness in oil demand and oversupply.
Brent crude oil futures slid by $2.65, or 3.5%, to $72.76 a barrel by 11:52 a.m. EDT (1552 GMT). U.S. West Texas Intermediate (WTI) crude dropped fell $2.91, or 3.9%, to $71.04.
"The complex is reacting pretty strongly from the more bearish economic data from China and the U.S.," said John Kilduff, partner at Again Capital LLC in New York.
China's factory activity growth slipped sharply in July as demand contracted for the first time in more than a year, a survey showed on Monday.
The weaker results in the private survey, mostly covering export-oriented and small manufacturers, broadly aligned with those in an official survey released on Saturday.
"China has been leading economic recovery in Asia and if the pullback deepens, concerns will grow that the global outlook will see a significant decline," said Edward Moya, senior analyst at OANDA.
U.S. manufacturing activity also showed signs of slowing. The pace of growth slowed for the second straight month as spending rotates back to services from goods and shortages of raw materials persist, according to data from the Institute for Supply Management (ISM).
The ISM's index of national factory activity fell to 59.5 last month, the lowest reading since January, from 60.6 in June.
Also weighing on prices, a Reuters survey found that oil output from the Organization of the Petroleum Exporting Countries (OPEC) rose in July to its highest since April 2020.
The United States will not lock down again to curb COVID-19,
but "things are going to get worse" as the Delta variant fuels a surge in cases, mostly among the unvaccinated, President Joe Biden's chief medical adviser Anthony Fauci said on Sunday.
The United States and Britain on Sunday said they believed that Iran carried out Thursday's attack on an Israeli-managed petroleum products tanker, which killed a Briton and a Romanian, and pledged to work with partners to respond.
I wanted the share price to rise, but I suspect that this might drop tomorrow based on a couple of points.
Mexico oil spill payments will take the shine off the profits
Market still doesn't look convinced that strategy to delivery hydro carbons and transforming to green energy
Yes Blue...
Bats came out with fantastic results last week & dropped 2% since
Hsbc reported stellar numbers today, but are down on the day.....
Incredible......
Brent 72.91 now
Pig
..anyway, BP accounts at $45/$50, averaged $61 in Q1 and is going to be higher than that in Q2.
They wont be taking on more risk by reporting up on Q1 and forecasting a better H2 imo.
Just the yank traders taking advantage of OPEC increase in production as planned as from Aug, even though in reality will make little difference. Once their shorts are closed they will pop WTI / Brent back up again with their longs loaded. Only the Americans can move the oil market however they wish.
You really couldn’t make it up Mojo! Stellar results tomorrow and no doubt something will be there to hold it back!
Finger crossed!
GLA
Pulled it from the finance app on my iPhone
Not sure where you are getting your price from stevebt, but the spot price for Brent is currently $72.50 and is down over 3.6% today. It hasn't been $76 since 14 July.
I've got Brent $72.83 off 3.4%
Pig
Sitting at just over $76 so I don’t think that is a significant drop.
Oil slipped quite significantly the day before the results.