BP.L is up again, while BP on the NYSE is down premarket. Just plain crazy, BP on the NYSE going down while BP.L in London is up.
Cracks are strong. Crude is a good price. Could natural gas be our weakness. Don't follow it that closely. But I did figure it should be a little higher.
You have to take into account the pound/dollar relationship.BP was last reported in London at 622 pence, so one adr in pounds is 37.32 pounds.At 1.50 per pound, one adr in US = 55.98At 1.49 per pound, parity = 55.61Pound last reported at 1.4921, so parity on 37.32 pounds = 55.69. BP adr now at 56.13 so it is trading in the US above current parity in UK.