BP stock compared to oil prices and markets
So far, BP (BP) stock has fallen 18% in the fourth quarter due to the fall in oil prices. WTI, the benchmark oil, has fallen 34% in the fourth quarter. Equity markets have also fallen in the fourth quarter. The SPDR S&P 500 ETF (SPY), which closely resembles the S&P 500 Index, has declined 12% in the fourth quarter.
BP stock has fallen in the fourth quarter
In October, WTI prices fell 13%, SPY fell 7%, and BP stock fell 7%. In November, WTI fell 20%, BP stock fell 5%, and SPY rose 1% in November. In December, WTI has fallen 6%, SPY has fallen 9%, and BP stock has fallen 7%. The data suggest that BP stock has been impacted by oil prices and markets during the fourth quarter.
So far, oil prices have fallen 34% in the fourth quarter due to concerns about global oversupply in 2019. OPEC and other major producers have announced production cuts that will be implemented in 2019. Despite the cuts, the global oil supply could exceed the demand in 2019.
Equity markets have declined due to the weaker global growth outlook. Trade tensions have also impacted the markets.
Other events that impacted BP stock
On October 30, BP posted better-than-expected third-quarter earnings, which briefly supported the stock. For more on BP’s earnings, read BP’s Q3 Earnings Surpass Analysts’ Estimate: Stock Rises 3%.
BP announced the start-up of the Clair Ridge project, which strengthened its upstream portfolio.