On September 23, BP PLC rose 3.07% in regular trading, trading at $44.435/share, with turnover of $95.27 million. The integrated oil and gas sector rallied broadly, with Exxon Mobil up 2.12%, Chevron up 2.25%, Occidental up 2.65%, and Petroleo Brasileiro up 2.84%.
On the news front, Saudi Arabia has restarted its East-West crude oil pipeline that was shut down following drone attacks, with Saudi Aramco working to restore throughput to 4 million barrels per day. Tankers have begun arriving at Yanbu port, with crude exports expected to resume as early as this week. The pipeline restart directly alleviates supply disruption risks that had weighed heavily on European refiners including BP PLC.
Previously, Saudi Aramco had notified multiple European refining clients, including BP PLC, that next month's crude oil allocations could not be fulfilled, with at least two European refineries told they would receive no supply. The disruption had directly threatened BP PLC's refining business margins. The gradual restoration of pipeline operations is now boosting market expectations for a recovery in BP PLC's downstream refining profitability.
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