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 3.30pm UK time (or nearest UK working day in the event of public holiday).
Quarter-to-date data are updated to the date shown at the top of this page.
|Marker prices||2Q 2022 to date||1Q 2022||4Q 2021||3Q 2021||2Q 2021
|Brent Dated ($/bbl)||106.59||102.23||79.76||73.51||68.97|
|WTI Cushing ($/bbl)||103.95||95.22||77.32||70.54||66.19|
|WCS Hardisty ($/bbl)||88.66||79.90||59.71||56.95||53.10|
|ANS USWC ($/bbl)||108.79||96.13||79.74||72.66||68.58|
|Urals (NWE – cif) ($/bbl)||71.85||87.26||77.66||70.63||66.69|
|US gas Henry Hub first of month index ($/mmbtu)||6.30||4.96||5.84||4.02||2.83|
|UK gas price – National Balance Point (p/therm)||130.63||232.84||226.24||118.81||64.79|
|Light / heavy crude spreads||2Q 2022 to date||1Q 2022||4Q 2021||3Q 2021||2Q 2021|
|Brent vs. Urals (NWE – cif) ($/bbl)||34.75||14.97||2.10||2.88||2.28|
|WTI vs. Mars ($/bbl)||1.32||1.79||2.11||1.45||0.18|
|WTI CMA* vs. WCS, lagged 1 month ($/bbl)||12.65||14.09||15.02||13.53||11.73|
|Refining marker margins ($/bbl) – RMM*||2Q 2022 to date||1Q 2022||4Q 2021||3Q 2021||2Q 2021|
|US – North West Coast||51.6||34.2||26.9||25.6||23.8|
|US – Mid West||38.9||18.6||16.0||20.7||20.5|
|North West Europe||35.3||15.4||11.5||9.8||7.7|
|Global Refining Marker Margin||39.0||19.3||15.3||15.7||14.2|
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. For example being based on a single regional marker crude, the RMM does not include the impact of the differential between Canadian Heavy crude and WTI.
As of 6 May 2022, historical global RMM numbers have been adjusted to the current 2022 portfolio basis and therefore may differ to previous historical RMM figures posted earlier. This is as a result of the portfolio changes announced in 1Q22 SEA for SAPREF (South Africa) and Whangarei (New Zealand) refineries stopping operations by the end of March. Historical RMM figures can be found in our quarterly results stock exchange announcements and in the group databook.
The rules of thumb were reviewed in the first quarter of 2022, based on the then prevailing range of oil and gas prices. They are intended to give directional indicators of the impact of changes in the trading environment on bp's 2022 full-year pre-tax results.
These rules of thumb are approximate and based upon bp’s current portfolio reflecting the combined oil and gas business. The weighting of the rules of thumb for Brent is an approximate split of 80% to oil production & operations and 20% to gas & low carbon energy. The weighting of the rules of thumb for Henry Hub is an approximate split of 70% to oil production & operations and 30% to gas & low carbon energy.
Please note that the relationship between prices and results is not necessarily linear across a wide range of oil and gas prices. Changes in margins, differentials, seasonal demand patterns, operational issues, hedge positions and other factors including timing of acquisition and divestment activity, can also materially impact the results. In particular, hedging activity has lowered the 2021 and 2022 Henry Hub role of thumb compared to previous years and as a result should not be treated as representative of the longer-term sensitivity of the portfolio beyond 2022.
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 oil and gas revenues in some jurisdictions, depending on price levels.
The bp Refining Marker Margin (RMM) rule of thumb reflects the sensitivity of the group’s results to changes in refining margins. However, variations could arise between the RMM and bp's realised refining margins due, for example, to bp’s particular refinery configurations and crude slate and product mix.
|Operating environment rules of thumb for the full year 2022||Impact on pre-tax replacement cost operating profit|
Brent +/- $1/bbl
|Natural gas price*
Henry Hub +/- $0.10/mmBtu
|Customers & products refining margin
RMM +/- $ 1/bbl
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