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Share Price Information for BP (BP.)

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Share Price: 513.00
Bid: 512.90
Ask: 513.00
Change: -2.80 (-0.54%)
Spread: 0.10 (0.019%)
Open: 516.30
High: 516.60
Low: 511.90
Prev. Close: 515.80
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U.S. gasoline spread surges most in years on refinery woes

Wed, 12th Aug 2015 17:41

By Robert Gibbons

NEW YORK, Aug 12 (Reuters) - The premium for U.S. gasolineprices over benchmark crude has surged by more than $6 in threedays, its biggest such rise in more than four years, as a seriesof refinery disruptions toward the end of an unusually strongsummer driving season squeeze supplies.

U.S. RBOB gasoline futures jumped more than 4 percenton Wednesday, even as U.S. crude futures barely gained0.5 percent, widening the so-called crack spread between the twoto $31 a barrel intraday - nearly the highest level since 2013.

Before this week, the spread had slipped to below $25 abarrel, near its lowest since February, as U.S. gasolineinventories remained at relatively comfortable seasonal levelsand dealers anticipated a seasonal slowdown in demand.

That changed in recent days, with at least three majorrefineries experiencing serious upsets that will cut intogasoline production, with weeks of summer demand to go. Somedealers are betting the rally will continue.

"Spreading opportunities are obvious and we continue tofavor long gas (gasoline) cracks that appear poised for new wideterritory," Jim Ritterbusch, president at Ritterbusch &Associates in Galena, Illinois, said in a note to clients.

A 240,000-barrel per day (bpd) crude unit outage at BP Plc's413,500-bpd Whiting, Indiana, refinery on Saturday, expected tolast at least a month, has helped boost gasoline futures alongwith an gasoline making unit outage at Philadelphia EnergySolutions' refinery in Philadelphia and another at Phillips 66'sBayway, New Jersey, plant.

On Wednesday, government data showed the country's gasolineinventories fell 1.25 million barrels last week ,a decline in line with the seasonal trend but relatively weakercompared to racing demand. U.S. consumption is running 6.6percent higher than a year ago, according to the data.

As of midday on Wednesday, gasoline futures had surged morethan 8 percent this week, while U.S. crude futures havefallen by more than 1 percent.

The gasoline crack spread <1RBc1-CLc1> , a gaugeof refiner profit margins measuring the difference between theprice of crude oil and the selling price of finished products,reached $31 a barrel on Wednesday, highest since mid-July. Thespread rallied after ending Friday at $24.30 a barrel. (Editing by Grant McCool)

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BP investors want oil firm to approach BAE chief as CEO- Sky News

Jan 6 (Reuters) - Some of BP's largest shareholders have urged the company to approach BAE Systems Chief Executive Charles Woodburn about becoming the British oil giant's next boss, Sky News reported on Saturday, citing unidentified sources.

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BP investors want oil behemoth to target BAE chief as CEO- Sky News

Jan 6 (Reuters) - Some of BP's largest shareholders have urged the company to approach Charles Woodburn, the BAE Systems chief executive, about becoming the company's next boss, Sky news reported on Saturday. (Reporting by Devika Nair in Bengaluru; Editing by Jan Harvey)

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LONDON MARKET OPEN: Next leads buoyant FTSE 100 amid services PMIs

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Equinor, BP cancel contract to sell offshore wind power to New York

Jan 3 (Reuters) - European energy firms Equinor and BP terminated their agreement to sell power to New York state from their proposed Empire Wind 2 offshore wind farm, citing rising inflation, higher borrowing costs, and supply chain issues.

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3 Jan 2024 17:02

Equinor and BP cancel contract to sell offshore wind power to New York

Jan 3 (Reuters) - Equinor and BP terminated on Wednesday their agreement to sell power to New York state from their 1,260-megawatt Empire Wind 2 offshore wind farm, citing rising inflation, higher borrowing costs, and supply chain issues.

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LONDON MARKET CLOSE: Stocks down ahead of US Fed minutes

(Alliance News) - Stock prices in London closed lower on Wednesday, as investors nervously look ahead to the latest US Federal Reserve meeting minutes.

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Chill Brands plots product launches and looks to ease regulatory worry

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LONDON MARKET CLOSE: Stocks down amid disappointing manufacturing data

(Alliance News) - Stock prices in London closed lower on Tuesday, after the year was started with some disappointing data about the UK and US manufacturing sectors.

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29 Dec 2023 13:01

LONDON MARKET CLOSE: UK equities outclassed by other markets in 2023

(Alliance News) - Stock prices in London closed mixed on Friday, the final trading day of 2023, as the annual returns from UK equities were outshone by international markets.

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28 Dec 2023 16:54

LONDON MARKET CLOSE: End of year rally cools as FTSE 100 edges lower

(Alliance News) - Stock prices in London closed mixed on Thursday, the final full trading day of a mixed year, though the FTSE 100 is still on track to deliver a gain of more than 3% for 2023.

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