Bp Share Discussion Threads

[unastubbs] 29/6/2020 12:55

just in case anyone was wondering why bp is second best performer in ftse 100 today

www.cnbc.com/2020/06/29/bp-meets-asset-sale-target-through-5-billion-divestment-of-petrochemical-unit.html

[skinny] 29/6/2020 12:50

The usual suspects......


But £5 would be nice.

[sicker] 29/6/2020 12:49

With the re-appearance of the old gang (all four), could this mean that a fiver is back on the cards :-)

[thewealthofsocrates] 29/6/2020 12:22

SBRT (Brent short) headed for bargain territory.
Major support at $60. Check it out.
It's a good hedge vs Brent oil price retracement or a "2nd wave" crash.

[imastu pidgitaswell] 29/6/2020 12:02

Yes, I am of course blaming you lot. Not me.

It's fine, it was a 'bonus' tranche anyway - still better off than if I had not done it. The others are are going well now, along with a lot elsewhere.

Next time, a bit prompter, if you please...

:-)

[optomistic] 29/6/2020 11:36

Thank you Bracke, interesting and informative. It seems Imastu is to miss out on 326p on one of his tranches as it appears he has let one go, probably close to 312p Imastu?
I may be tempted to take one of my buys off the table but I would be happier at around
345/350 as I did the last one, any decision would have to be made with regards to the market mood and how much amber nectar I have left in stock ;-))

[bracke] 29/6/2020 11:26

Good day optomistic

I look in most days to see how the share price is progressing.

I note that since the end of March it has been largely oscillating around the 23.6% fib (312) with the occasional move up to the 38.2% fib (368). The Fib being based on the Oct 2018 high and the March 2020 low.

If you were looking to trade a shorter time frame the Hourly has support at 302 and resistance at 326. As I type it has reached 312 and just needs a leg up to move over and the Sunny Uplands of 326 come into view. imastu will be hugging himself with delight.

Ref AHT

I had a trade a few months back which was a profitable one (I was due one). It's become 'personal' between me and AHT. It's caught me out in the past but I have become wise to its tricks. Unfortunately the margin when trading it means tying up a sizeable chunk of cash courtesy of ESMA.

[imastu pidgitaswell] 29/6/2020 11:19

:-)

In the absence of any advice or promises, I took the money on that tranche and ran. I did say my attention span was ruined. Up or down, don't care, just move...

I'll shut up and go away now. For a bit.

[penycae] 29/6/2020 11:12

Bloody traders are ruining this thread.

[imastu pidgitaswell] 29/6/2020 10:57

I don't think so - I wonder if his drinking affected the family genes?

Right, to business. Where is this going today/tomorrow/this week? This week being about my maximum time horizon, being as unfocused as I am thanks to excessive drinking.

[imastu pidgitaswell] 29/6/2020 10:10

There you go, yer see - having bought another tranche earlier, the swift leap due to the Ineos sale (anyone see that coming in the charts?) has moved it up 7p and that is now in profit - the others (still, just) aren't. Because that most recent buy was 'different'.

Mick, as he was know to his mates, did have a thing about cages (and leather and chains) - it is not widely publicised.

[optomistic] 29/6/2020 10:09

Good morning Bracke and a special welcome on your return to this humble thread, I do hope you brought some of your hire company gains to have made a timely purchase in the new BP :-))

[waldron] 29/6/2020 10:08

CITYA.M.



Monday 29 June 2020 10:03 am
BP to sell aromatics and acetyls arms to Ineos for $5bn
Edward Thicknesse
BP to sell petrochemicals arms to Ineos for $5bn
(via Getty Images)

Oil giant BP has today agreed to sell its petrochemicals business to Sir Jim Ratcliffe’s Ineos for $5bn (£4.05bn).

Under the deal, Ineos will acquire the supermajor’s aromatics and acetyls operations, which produce a combined 9.7bn of petrochemical products per year at 14 facilities around the world.

Read more: BP to write off up to $17.5bn after oil price crash

Ineos will pay a $400m deposit for the deal, with $3.6bn to follow once the purchase has been completed.

The remaining $1bn will be deferred, with full payment expected by June next year.

BP’s chief executive Bernard Looney said that the deal was the next step in the “reinvention” of the company, after announcing 10,000 job cuts earlier this month.

The company is currently undergoing a wholesale restructuring as it seeks to turn itself into a net zero emissions business by 2050.

Before the Open newsletter: Start your day with the City View podcast and key market data

He said: “This is another significant step as we steadily work to reinvent BP.

“Strategically, the overlap with the rest of bp is limited and it would take considerable capital for us to grow these businesses.

“As we work to build a more focused, more integrated bp, we have other opportunities that are more aligned with our future direction.

“Today’s agreement is another deliberate step in building a bp that can compete and succeed through the energy transition.”

The deal comes shortly after BP announced that it would write off up to $17.5bn after the spring’s oil price crash, and means that it has now completed its $15bn divestment plan a year ahead of schedule.

It is not the first time that the two firms have done business. Back in 2005 Ineos also acquired Innovene, one of BP’s refining businesses, for $9bn.

BP finance chief Brian Gilvary, who brokered the deal, said the sale was strategic for both parties.

“BP has had a long relationship with Ineos and this agreement reflects the mutual respect and trust that exists between us” he said.

“It is a strategic deal for both parties that recognises both the high quality of the businesses and that Ineos is in many ways a natural owner for them.”

The 1,700 staff who currently work in the two divisions are expected to be taken on by Ineos after the purchase.

Shares in BP spiked on the back of the announcement, jumping 1.6 per cent as news of the sale broke.

[bracke] 29/6/2020 10:05

Good day imastu

"(Michael Faraday was my lab partner)"
=======================================

Ahhh all is clear....you were the one he kept in the cage.

[wolansm] 29/6/2020 10:01

Think this is a good move for the company, refineries will still supply feedstock as well

[wynmck] 29/6/2020 09:52

petrochemicals business sold to INEOS

[imastu pidgitaswell] 27/6/2020 07:04

Ah, but as Albert would tell you, I was doing something ever so slightly different each and every time - different price, different index levels, different set of market circumstances. Each minor element (“perturbation”) could fundamentally change the outcome...

And therefore in no way doing the same thing. As if I could possibly be insane 😳

Oddly enough experimental physics was my thing back in the day, a very long time ago (Michael Faraday was my lab partner), and as any scientist would tell you, its bloody annoying when you think of doing something and don’t do it and find out later it has cost you money. The only known scientific response is to get on a bulletin board and whine about it 😀

[optomistic] 26/6/2020 21:46

And so the band grows, not complete until Bracke takes a seat.

[waldron] 26/6/2020 17:57

Looks like we can start referring to the Box channels,resistences and supports

THE WISH LIST


300 to 330p$$$$$$$$$$$WE ARE HERE$$$$$$$$$$$$$$$$$$
330 to 360p
360 to 390p
390 to 420p
420 to 450p
450 to 480p
480 to 510p





Strong support 296.40p,

Strong Resistence 365.80p

Current share price 304.60p