BP profit surge highlights refining margin strength
BP’s third-quarter underlying replacement cost profit rose to $8.46bn from $2.2bn, beating the $7.33bn analyst estimate as refining margins and gas trading income strengthened. Reliance Industries showed short covering ahead of the 23 Nov derivatives expiry.
after close1 source ↓machine-written, see hownot a recommendation
- RELIANCE close
- ₹1,167
- On the day
- +0.81%
- Futures OI, short covering
- -1.8%
- Put-call ratio
- 0.72
- Max pain
- ₹1,200
BP reported a sharp rise in third-quarter underlying replacement cost profit as Middle East conflict lifted energy-market volatility and refining margins. The key earnings measure rose to $8.46bn from $2.2bn a year earlier, exceeding analyst expectations of $7.33bn. The company attributed the improvement mainly to higher refining margins and a stronger gas and marketing trading result. ⚡
The result shows how refinery disruptions in the Gulf region and Russia can support downstream earnings even when benchmark crude prices remain below the highs seen during the 2022 energy crisis. Fuel prices, including diesel, reached record levels across the UK, Europe and the US, improving the value of available refining capacity while increasing uncertainty across the energy supply chain. BP chief executive Meg O’Neill described market conditions as dynamic, with volatility and disruption continuing to shape performance.
For Indian energy and refining exposure, OI Charts data for Reliance Industries showed a close of ₹1,167 on 29 Oct 2026, up 0.8% on the day, with volume of 20,939,623 shares. The stock remained weak over the medium term, down 2.9% over five sessions and 4.8% over 20 sessions, while sitting close to its 52-week low of ₹1,152 recorded on 13 Oct 2026. Its futures showed short covering, with open interest down 1.8% and the contract trading at a 0.67% premium to the underlying.
The derivatives setup points to ₹1,200 as the immediate reference level: it was the largest call open-interest strike and the max-pain level for the 23 Nov 2026 expiry. The largest put open interest was at ₹1,100, while the put-call ratio stood at 0.72. These levels frame the market’s current positioning around refining and energy-sector sentiment, but the next move will depend on whether elevated margins persist and whether disruptions worsen or ease. Traders will also watch BP’s full earnings commentary on realised margins, trading income, crude prices and refinery availability for evidence on how durable the profit uplift is.
Source: The Guardian, 30 Oct 2026
Not investment advice. For informational purposes only.