Trading conditions update | Investors

This trading conditions update is produced in order to provide disclosure to investors and potential investors of current trading conditions, and to ensure that they all receive equal access to the same information, at the same time.

The marker prices and marker margins below do not represent the actual prices or margins realised by BP during the given periods.This data is normally updated every Friday at 15.30 UK time.

Quarter to date data are updated to the date shown at the top of this page, with the exception of the Russian domestic marker which is updated one month in arrears.

Graph showing Crude Price Brent Dated ($/bbl)

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	Marker Prices	2Q'12	3Q'12	4Q'12	1Q'13	2Q'13 to date

	Brent Dated ($/bbl)	108.29	109.50	110.08	112.57	102.29

	WTI Cushing ($/bbl)	93.30	92.10	88.15	94.29	93.27

	ANS USWC ($/bbl)	109.85	109.04	107.08	110.97	104.98

	Mars ($/bbl)	104.05	104.17	103.56	109.10	100.28

	US gas Henry Hub first of month index ($/mmbtu)	2.21	2.80	3.41	3.34	4.08

	UK gas price - National Balance Point (p/therm)	57.38	56.79	65.26	73.83	68.15

	Urals (NWE - cif) ($/bbl)	106.31	108.69	108.64	110.53	101.33

	Russian domestic oil ($/bbl)*	48.22	55.24	54.23	55.24	48.71


Source: Platts, * except Russian domestic oil which is sourced from Argus


Light / heavy crude spreads	2Q'12	3Q'12	4Q'12	1Q'13	2Q'13 to date

Brent vs. Urals (NWE - cif) ($/bbl)	1.98	0.82	1.44	2.04	0.96

WTI vs. Mars ($/bbl)	-10.75	-12.07	-15.40	-14.81	-7.01

Graph shows BP Refining Marker Margin (RMM)

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Refining Marker Margins ($/bbl) - RMM	2Q'12	3Q'12	4Q'12	1Q'13	2Q,13 to date

US Mid West	28.2	35.7	28.4	27.2	32.1

US North West	19.2	21.7	15.1	15.9	21.5

North West Europe	16.8	19.9	15.2	14.0	14.2

Mediterranean	12.7	16.3	11.1	12.7	9.8

Australia	14.5	15.8	14.5	15.4	13.7

Global Refining Marker Margin*	19.3	23.2	18.2	17.8	19.3

The refining margins shown above are compiled using data from third party databases, and as such may be subject to possible errors.

* The Refining Marker Margin (RMM) is a generic indicator. Actual margins realised by BP may vary significantly due to a variety of factors, including specific refinery configurations, crude slate and operating practices.

Find out more about how BP calculates its Refining Marker Margin (RMM)

Important note

The rules of thumb were provided following the 4Q12 and FY12 Results on 5th February 2013. They are intended to give directional indicators of the impact of changes in the trading environment on BP's 2013 full-year pre-tax results.

These rules of thumb are approximate and based upon BP’s current view of the 2013 portfolio excluding announced divestments. Changes in margins, differentials, seasonal demand patterns, operational issues, and other factors including timing of acquisition and divestment activity, can also materially impact the results. Significant differences between the estimates implied by the application of the rules of thumb and the actual results themselves may also arise due to complex mechanisms for calculating government shares of Upstream revenues in some jurisdictions, depending on price levels, as well as in the Downstream from variations between the Refining Marker Margin (RMM) and BP's realised refining margins due to crude price levels and differentials, product price movements and other factors. The RMM rule of thumb reflects the sensitivity of the group to changes in refining margins and for 2013 excludes Texas City and the US South West Fuels Value Chains for the whole year. Many other factors will affect BP's earnings quarter-by-quarter. Actual results in individual quarters may therefore differ significantly from the estimates implied by the application of these rules of thumb.

	2013 operating environment Rules of Thumb: impact on pre-tax Replacement Cost Operating Profit	Full Year

	Upstream
	Oil Price - Brent +/- $1/bbl	$270m
	Gas - Henry Hub +/- $0.10/mcf	$70m

	TNK-BP
	Not applicable	n/a

	Downstream
	Refining - RMM +/- $ 1/bbl	$500m

Trading conditions update - data to Wednesday 22 May 2013

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