OIL: BP Expects Indiana Refinery to Run at Capacity in 2025 After Major 4Q Work
BP Expects Indiana Refinery to Run at Capacity in 2025 After Major 4Q Work -- OPIS
- BP on Tuesday said it expects its 440,000 b/d refinery in Whiting, IN, will run at full capacity this year after completing a major maintenance turnaround in Q4.
- The company is also planning to carry out less maintenance work at its refineries this year, CEO Martin Auchincloss told analysts in a call to discuss Q4 financial results.
- Auchincloss said last year was challenging for its refining operations due to low margins and refined product prices in the U.S. and Europe.
- He said work done at the Whiting refinery in Q4 included replacing a coker unit. The facility shut down in early February 2024 after a power outage and did not resume operations until mid-March.
- Auchincloss said BP is aiming to improve the company's refinery utilization to 96%, up from 94.3% last year. In 2023, the company said its refinery utilization was 96.1% that year.
- He also said he expects fewer complicated turnarounds at its other refineries this year, adding that maintenance work should be heavily weighted toward the first half of the year with the largest impact coming in Q2.
- BP last week said it was seeking to sell its 240,000 b/d Gelsenkirchen refinery and its associated assets in Germany this year. The company has said the refinery is too complex and costly for it to operate.
- In response to a question about the impact of possible tariffs on U.S. imports of crude oil from Canada and Mexico, Auchincloss said BP could send oil north from the Gulf Coast to supply Midwest refiners, which rely heavily on Canadian oil.
- Further, he said Canadian producers could send oil to the West Coast from where it could be moved to overseas markets. He added, however, that it's difficult to predict how tariffs could affect refining margins given uncertainties over what they would mean for crude oil flows.
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Historical bullets
EURJPY TECHS: Monitoring Support
- RES 4: 166.34 2.0% 10-dma envelope
- RES 3: 166.10 High Nov 6
- RES 2: 165.04 High Nov 15 and a key short-term resistance
- RES 1: 164.55 High Jan 7
- PRICE: 161.70 @ 19:37 GMT Jan 10
- SUP 1: 160.91 Low Jan 2
- SUP 2: 160.54 50.0% retracement of the Dec 3 - 30 bull cycle
- SUP 3: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle
- SUP 4: 158.67 Low Dec 11
EURJPY remains below the Dec 30 high. The recent move down appears corrective and a bullish short-term condition is intact, despite the pullback from last week’s high. The next support to watch lies at 160.54, 50.0% of the Dec 3 - 30 bull cycle. The 61.8% level is at 159.51. A resumption of gains would open 165.04, the Nov 15 high. Clearance of this hurdle would expose 166.69, the Oct 31 high and a major resistance.
USDJPY TECHS: Bulls Remain In The Driver’s Seat
- RES 4: 160.00 Round number resistance
- RES 3: 159.45 High Jul 12
- RES 2: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing
- RES 1: 158.87 High Jan 10
- PRICE: 157.90 @ 19:34 GMT Jan 10
- SUP 1: 156.60 20-day EMA
- SUP 2: 154.44 Low Dec 19
- SUP 3: 154.47 50-day EMA
- SUP 4: 153.16 Low Dec 17
USDJPY bulls remain in the driver’s seat and the pair is holding on to its recent gains. This week’s fresh cycle high, reinforces the bullish condition. The recent breach of 156.75, the Nov 15 high, confirmed a resumption of the uptrend and has paved the way for a move towards 159.45, the Jul 12 high. Moving average studies are in a bull-mode position highlighting a dominant uptrend. Initial firm support is 156.60, the 20-day EMA.
EURGBP TECHS: Resistance Cleared
- RES 4: 0.8471 61.8% retracement of the Aug 8 - Dec 19 downleg
- RES 3: 0.8448 High Oct 31 and reversal trigger
- RES 2: 0.8424 50.0% retracement of the Aug 8 - Dec 19 downleg
- RES 1: 0.8407 High Jan 9
- PRICE: 0.8386 @ 19:28 GMT Jan 10
- SUP 1: 0.8315/8284 50-day EMA / Low Jan 8
- SUP 2: 0.8263 Low Dec 31
- SUP 3: 0.8223 Low Dec 19
- SUP 4: 0.8203 Low Mar 7 2022 and a major support
EURGBP traded sharply higher last week. The cross has breached resistance at the 50-day EMA, at 0.8311, and cleared the December highs. This undermines the recent bearish theme and suggests scope for a stronger short-term recovery. Note too that 0.8376, the Nov 19 high and a key resistance, has also been cleared. This opens 0.8424, a Fibonacci retracement. Support at the 50-day EMA is at 0.8315.
