The next focusIR Investor Webinar takes place tomorrow with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 505.00
Bid: 504.60
Ask: 504.80
Change: -1.20 (-0.24%)
Spread: 0.20 (0.04%)
Open: 505.20
High: 507.00
Low: 503.50
Prev. Close: 506.20
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Canada crude - Heavy grades edge away from 10-month low

Wed, 06th Nov 2013 23:15

* Dec WCS trades at $41.00/bbl below WTI

* Dec synthetic trades at $15.00/bbl below WTI

CALGARY, Alberta, Nov 6 (Reuters) - Canadian heavy crudeprices steadied on Wednesday after a recent fall to 10-monthlows, but looked likely to remain under pressure from limitedpipeline capacity and unplanned refinery outages.

Western Canada Select heavy blend for December delivery lasttraded at $41.00 per barrel below the West Texas Intermediatebenchmark, according to Shorcan Energy brokers.

That was slightly higher than Tuesday's settlement of $41.50per barrel below the benchmark, which was the widestdifferential since January.

Pipeline company Enbridge Inc rationed space onadditional pipelines in November, meaning producers are unableto ship as much crude as they would like to market and oil isgetting stranded in Alberta, driving prices lower.

Meanwhile, fires at Citgo Petroleum Corp's 174,500 barrelper day Lemont, Illinois, refinery and the 130,000 bpd Co-oprefinery in Regina, Saskatchewan, have reduced demand for crude.

Delays in starting up a new coker that would process moreheavy crude at BP PLC's 405,000 bpd Whiting, Indiana,refinery and increasing production at Imperial Oil's 110,000 bpd Kearl oil sands project also mean supply isoutweighing demand.

Suncor Energy Inc, Canada's largest energy company,said on Wednesday its average oil sands production rose 2.7percent month-on-month to 375,000 bpd.

David Bouckhout, senior commodities analyst at TD Securitiesin Calgary, said he expected the differential between WCS andWTI to narrow only modestly into the end of 2013.

"In our view, a more material narrowing will not come untilthere is evidence of heavy oil being processed at BP Whiting'snew coker, and we see the return of refining utilization fromboth planned and unplanned events," he wrote in a note.

However, the eventual removal of pressure restrictions onthe Enbridge Mainline network next year will add an extra200,000 bpd of capacity and help strengthen heavy crude prices.

Bouckhout said TD Securities expected to see WCS tradingbetween $30 and $35 per barrel below WTI in the early days of2014, narrowing further to the mid-$20s below WTI by mid-2014.

By 2015 he said the differential should return to more'normal' levels around $20 per barrel below the benchmark.

Light synthetic crude from the oil sands for Decemberdelivery last traded at $15.00 per barrel below WTI, comparedwith a settlement price of $15.25 per barrel below the benchmarkon Tuesday.

More News
18 Jan 2024 20:32

EXECUTIVE CHANGES: Eco Buildings chair leaves and vice chair ousted

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Thursday and not separately reported by Alliance News:

Read more
17 Jan 2024 15:03

London close: Stocks slip after surprise jump in UK inflation

(Sharecast News) - London's financial markets experienced a downturn on Wednesday, as a surprising increase in UK inflation and sluggish Chinese GDP growth impacted investor sentiment.

Read more
17 Jan 2024 12:10

BP's Auchincloss named CEO, reaffirms energy transition plan

Auchincloss was interim CEO

*

Read more
17 Jan 2024 08:48

LONDON MARKET OPEN: UK inflation surprises markets sending stocks down

(Alliance News) - Stock prices in London took a hit on Wednesday morning, after some hotter-than-expected UK inflation data added to interest rate worries.

Read more
17 Jan 2024 08:33

TOP NEWS: BP buys Getec Energie; promotes Auchincloss to permanent CEO

(Alliance News) - BP PLC on Wednesday said that it will buy Getec Energie GmbH as it promoted Murray Auchincloss to the role of permanent chief executive officer.

Read more
17 Jan 2024 07:46

LONDON BRIEFING: UK inflation surprises as unexpectedly rises to 4.0%

(Alliance News) - Stocks in London are called to open lower on Wednesday, following some hotter-than-expected consumer price data from the UK.

Read more
17 Jan 2024 07:11

BP names acting CEO Murray Auchincloss as permanent leader

(Sharecast News) - BP has named its former chief financial officer Murray Auchincloss as its permanent chief executive, after having served in an interim capacity for the past four months.

Read more
16 Jan 2024 21:28

PRESS: BP close to naming acting CEO Auchincloss as permanent chief

(Alliance News) - Directors of BP PLC were meeting on Tuesday evening to finalise the appointment of Murray Auchincloss, the company's acting chief executive, as its permanent boss, according to a report.

Read more
16 Jan 2024 16:38

Shell halts Red Sea shipments over attack fears from Yemeni rebels

(Alliance News) -London-based oil major Shell PLC has paused transit through the key Red Sea shipping route indefinitely, over fears of escalating tensions involving Yemen's Houthi rebels, according to a media report on Tuesday.

Read more
16 Jan 2024 13:13

Shell in Nigeria

LONDON, Jan 16 (Reuters) - Shell pioneered Nigeria's oil and gas industry and remains a major investor in the West African country even after exiting its onshore operations. But over the decades the British company has come under fire over spills in the Delta region and struggles with oil theft, corruption and oil-fuelled violence.

Read more
12 Jan 2024 15:39

London close: Stocks rise on positive UK economic data

(Sharecast News) - London's financial markets closed on a positive note today, buoyed by fresh data indicating that the UK economy had returned to growth in November.

Read more
8 Jan 2024 19:48

Shell signs 20-year purchase deal with Canadian Ksi Lisims LNG project

Jan 8 (Reuters) - Global gas giant Shell has agreed to buy two million metric tons of liquefied natural gas (LNG) per year from Ksi Lisims LNG, partners in the proposed Canadian project said on Monday.

Read more
8 Jan 2024 16:59

LONDON MARKET CLOSE: Stocks mixed as eyes on US inflation data

(Alliance News) - Stock prices in London closed mixed Monday, with oil majors holding down higher gains in the FTSE 100 index.

Read more
8 Jan 2024 16:38

London close: Stocks manage positive finish after mixed session

(Sharecast News) - London's financial markets experienced a mixed trading day on Monday, with the FTSE 100 and FTSE 250 indices closing in positive territory after spending much of the session in the red.

Read more
8 Jan 2024 12:00

LONDON MARKET MIDDAY: FTSE 100 underperforms in muted start to week

(Alliance News) - Stock prices in London traded lower at the start of the week, with oil firms weighing on then FTSE 100, as investors look ahead to the week's key inflation prints.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.