ENERGY SECTOR: Another BP Sources Piece (BBG)
Feb-13 15:59
BPLN A1/A-/A+
Language here seems to downplay more drastic measures. This is the latest in a string of sources reports, each alluding to possible measures albeit without flagging specific moves. Focus remains on the 26 Feb CMD.
- “The activist investor has asked BP to slash expenses in a range of areas to bring them more in line with peers”.
- “Elliott wants BP to reshape its business to be more like other oil majors such as Shell Plc by cutting spending in areas such as renewable energy, as well as making sizable non-core asset divestments”.
- “The activist currently sees more value in overhauling BP’s operations and maintaining its independence, rather than selling out to a competitor at a small premium”.
- “It’s pushing BP to refocus its capital allocation priorities so it can boost shareholder returns through buybacks and dividends”.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
FOREX: EURGBP Matches Touted Resistance at 0.8448, Bull Cycle in Play
Jan-14 15:41
- The tightening of German-UK spreads has underpinned EURGBP outperformance on Tuesday, with the cross still up around half a percent on the session. The latest pop higher prompted EURGBP to match the touted resistance level of 0.8448 in recent trade, the Oct 31 high and a key reversal trigger point.
- The cross has edged ~15 pips lower following the technical hold, which potentially boosts its significance ahead of tomorrow’s inflation data release, particularly given the underlying bull cycle that is now in play.
- As noted, a breach would signal scope for a move towards 0.8494, the August 26 high. Separately, the August highs reside at 0.8625, which could garner attention should UK fiscal concerns/uncertainty deteriorate further. Both the 20-day and 50-day EMA’s represent initial support for the cross, currently intersecting around 0.8325.
STIR: Morning SOFR Option Update: Better Put Volume
Jan-14 15:36
Better SOFR put structure buying since the open, fading this morning's post-PPI rally with underlying futures scaling off of this morning's knee-jerk rally. Projected rate cuts through mid-2025 continue to retreat, current vs. late Friday levels* as follows: Jan'25 steady at -0.7bp, Mar'25 at -5.8bp (-4.9bp), May'25 -10.2bp (-9bp), Jun'25 -17.6bp (-16.5bp), Jul'25 at -20.4bp (-18.7bp).
- +3,000 SFRM5 95.81/95.93/96.18 2x3x1 call flys 3.0 ref 95.835
- +15,000 0QK5 94.75/95.00 put spds, 2.0 vs. 95.905/0.05%
- +10,000 SFRU5 95.50/95.75/96.00 put flys, 6.5
- +15,000 SFRZ5 95.37/95.62/95.87 put flys, 5.5-5.75 ref 95.895
- +5,000 SFRM5 95.87/96.31 call spds 8.0 ref 95.835
- +4,000 SFRG5 95.62/95.68/95.75 put flys 3.0 ref 95.74
- +5,000 SFRZ5 95.37/95.62/95.87 put flys 5.5 ref 95.875
SONIA: Latest Large SONIA Options
Jan-14 15:31
- SFIM5 95.75/96.00cs, bought for 6.75 in 24k.
- SFIM5 95.70/96.00cs, bought for 8.75 and 9 in 20.5k.
