BP Reports Strong Q1 Oil Trading; US Blocks Strait of Hormuz
BP reported exceptional performance from its oil trading desk in the first quarter, following a weak fourth quarter. The company expects net debt of $25-27 billion, up from $22.2 billion. Results are due on April 28, as U.S. imposes blockade on Strait of Hormuz.
ibtimes.co.uk# BP Updates First-Quarter Guidance BP flagged exceptional oil trading performance in its updated first quarter guidance. The company's oil trading desk enjoyed exceptional performance during the first quarter. This performance turned around dramatically after a weak fourth quarter.
BP's net debt at the end of the first quarter was expected to be in the range of $25-27 billion, up from $22.2 billion in the fourth quarter. BP's first-quarter results are due to be published on April 28.
oil futures for May delivery were trading around $97 a barrel, while international benchmark Brent for June delivery was trading around $98.6 per barrel. A rival published a similar trading update last week. The Iran war started in late February.
the Strait of Hormuz on Monday.
The blockade would block all ships trying to enter or exit Iranian ports. Talks at the weekend failed to produce a breakthrough.
“Iran would like to make a deal very badly.”
“— A U.S. president, on Monday A vice president said on Monday that the next steps in peace efforts now depend on Tehran.”
“The goal of the blockade was both to force Iran to reopen the Strait of Hormuz and come to the negotiating table, and more.”
“— A president, on Monday”
