London shares of BP PLC moved up but the stock is still down 24% from its March high as the oil curve shifts. LONDON, July 3, 2026, 13:14 BST
- BP (LON:BP) last traded at 465.85p/465.90p, up 0.33% on delayed London pricing and roughly 24% under its 609.40p high for the year.
- Brent traded close to $72 with little movement. The spread between front-month and six-month Brent flipped negative on July 1, marking the first time that’s happened in 2026.
- BP’s U.S. ADR NYSE:BP gained 3.46% on Thursday. U.S. equity markets are closed Friday for Independence Day.
- BP hit pause on buybacks, so the shares now react more to debt reduction, asset disposals, and trading profits than just moves in spot crude.
BP PLC (LON:BP) was modestly higher in London on Friday. June’s pullback in oil still weighs, with the stock holding in the lower end of its 2026 range. Crude steadied ahead of the U.S. holiday.
BP was last indicated at 465.85p/465.90p, up 1.55p, or 0.33%, according to delayed AJ Bell prices. The midpoint puts shares about 23.6% under the 609.40p year high and around 25.6% over the 370.85p year low. Trading on the London Stock Exchange is open weekdays from 0800-1630 BST. U.S. markets are closed Friday for Independence Day.
| BP London data | Latest |
|---|---|
| Bid/ask | 465.85p / 465.90p |
| Day change | up 1.55p, or 0.33% |
| Open | 466.40p |
| Day high | 467.95p |
| Volume | 3.83 million shares traded |
| Market value | £72.00 billion |
| Distance from year high | down 23.6% from the year’s high |
| Position in year range | at 40% of the 12-month range |
The main question for investors isn’t whether BP will pop with oil prices for a session. It’s why BP shares still trade below the middle of their annual range when Brent has stopped sliding. BP halted its buyback in February, moving cash to pay down debt after bringing net debt down to $22 billion. The target is $14 billion-$18 billion by 2027. RBC and Barclays said they supported the buyback pause at the time, citing the balance sheet, Reuters reported.
BP looks cheaper than Shell (LON:SHEL) on market value and dividend yield, but not on P/E. Shell was down 0.05% at 2,898.00p/2,898.50p, with a market cap of £160.58 billion, yield at 3.67% and P/E of 12.38.
| Metric | BP (LON:BP) | Shell (LON:SHEL) |
|---|---|---|
| Day move | BP rose 0.33% | Shell slipped 0.05% |
| Market value | BP valued at £72.00 bln | Shell at £160.58 bln |
| Dividend yield | BP pays 4.97% | Shell yield 3.67% |
| P/E ratio | P/E is 32.07 | P/E stands at 12.38 |
| Year high | BP hit 609.40p | Shell’s top was 3,758.50p |
| Year low | Bottomed at 370.85p | Low for Shell was 2,541.71p |
Brent crude inched up 17 cents to $71.97 a barrel by 0932 GMT, steady for the week. U.S. WTI added 2 cents at $68.71 but is set to fall about 0.8% on the week. Reuters said Brent’s front-month to six-month spread went negative on July 1, flipping to contango and suggesting traders see less risk of short-term supply tightness.
| Oil read-through | Latest |
|---|---|
| Brent crude | $71.97/bbl, up 0.24% |
| WTI crude | $68.71/bbl, up 0.03% |
| Brent weekly move | flat for the week |
| WTI weekly move | lost about 0.8% |
| Brent curve | front-to-six-month spread has turned negative since July 1 |
John Kilduff of Again Capital called Thursday’s oil move “little short-covering.” He said traders were now watching how much oil would come back onto the market. SEB’s Bjarne Schieldrop said Chinese crude buying “not really properly revived yet.” Phil Flynn at Price Futures Group said the Iran situation was “getting better,” but expected more volatility. Reuters
BP’s trading business is key for the company, letting it convert oil price swings into profit. Reuters said this week Sam Skerry is set to run BP’s supply, trading and shipping starting August, stepping in for Carol Howle, who retires in Q3 after 26 years with BP. CEO Meg O’Neill said BP has “significant actions underway” and a “focused leadership team.” Reuters
BP’s trading desk boosted profits during the Iran war, Reuters said. But with oil prices flat and a contango market, supply fears are down and investors are questioning if BP’s rebound is really due to its own operations and cash control or just helped by wartime premiums. Tamas Varga at PVM said a “sustained recovery” in crude would need to see storage and stranded oil cleared out. Reuters
BP’s ADR climbed 3.46% to $37.40 in New York on Thursday, ending a two-session slide. With the U.S. cash market shut, Friday’s London action is the last major pricing signal ahead of the weekend.
