Trading conditions update

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.

Source: Platts

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.

Important note - Rule of thumb

The rules of thumb were provided in March 2017, based on the then prevailing range of oil prices. They are intended to give directional indicators of the impact of changes in the trading environment on BP's 2017 full-year pre-tax results.

These rules of thumb are approximate and based upon BP’s current portfolio. Please note that the relationship between oil prices and results is not necessarily linear across a wide range of oil prices. A natural gas Rule of Thumb is not currently provided, reflecting the diverse contractual composition of our global gas portfolio. 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. Many other factors will affect BP's earnings quarter-by-quarter. In the US, the industry impact of increased cost for Conventional Ethanol RINs (Renewable Identification Number) will result in lower actual margin capture than the RMM Rule of Thumb would suggest. Actual results in individual quarters may therefore differ significantly from the estimates implied by the application of these rules of thumb.