Home 2023 BP ($BP.L) Weekly Knightsbridge Outlook

BP ($BP.L) Weekly Knightsbridge Outlook

by John Heffernan

News Summary

  • Deal with BP pulse signifies first time We want to acquire Tesla’s ultra-fast chargers and install them on our own separate EV charging network.
  • Agreement is a part of BP’s goals to invest EV charging in the US by up to $1 billion by 2030.
  • By 2030, BP Pulse, the company’s EV charging division, hopes to have more than 100,000 charge stations deployed worldwide. As of now, it has placed more than 27,000 charge points.
  • Tesla chargers will be deployed as early as 2024 throughout the BP pulse network, including at significant BP, Amoco, and ampm; Thorntons-branded sites, TravelCenters of America locations, and BP pulse’s expansive GigahubTM charging sites, which are located close to airports and in significant US cities.

Yesterday, bp (NYSE: bp) announced an agreement wherein bp pulse, the company’s EV charging division, would purchase ultra-fast charging hardware components for $100 million from Tesla (NASDAQ: TSLA). In addition to providing assistance for EV fleet clients by installing chargers at their private depots, the investment will enable the growth of the bp pulse public network throughout the United States. The first hardware acquisition for a stand-alone EV charging network will occur with the addition of Tesla chargers to the bp pulse network.

Beginning in 2024, the roll-out will take place at strategic locations for the bp family of brands, such as TravelCenters of America, Thorntons, Amoco, and more. It will also take place at bp pulse’s expansive GigahubTM charging sites in major cities and at locations managed by third parties, like Hertz locations, as part of previously announced partnerships. The cities of Houston, Phoenix, Los Angeles, Chicago, and Washington, D.C. have been chosen as the locations for the initial installations.

Additionally, a few client depots for the bp pulse fleet will provide Tesla charges. Combining Tesla’s quick and dependable chargers with bp pulse’s industry-leading, intelligent charge management software, Omega, gives the company the unique ability to control the whole EV fleet charging process, offering a full solution to its fleet clients.

“Strengthening the bp pulse network with Tesla’s industry-leading hardware is a major step forward in our ambitions for high speed, open access charging infrastructure in the US and advances our ambition to delivering an exceptional customer experience,” said Richard Bartlett, global CEO of bp pulse. “Combined with our vast network of convenience and mobility sites on and off the highway, this collaboration with Tesla will bring fast and reliable charging to EV drivers when and where they need it.”

The Tesla ultra-fast chargers, which have an output of 250 kW, will be branded, installed and operated by bp pulse. The chargers will be fitted with Tesla’s ‘Magic Dock’, which is compatible with both North American Charging Standard (NACS) and Combined Charging System (CCS) connectors. This enables EVs from other major vehicle manufacturers to use the Tesla chargers on the bp pulse’s network, regardless of whether they use CCS or NACS ports. To further improve user experience, the Tesla chargers will support use of the Plug and Charge protocol, which simplifies and automates payments.  As is Tesla’s current policy, third-party operated ultra-fast chargers meeting Tesla’s reliability and functionality requirements are featured in Tesla’s vehicle UI and apps, and bp pulse expects to uphold those requirements on its network.

Rebecca Tinucci, Tesla’s Senior Director of Charging Infrastructure said: “At Tesla, we’re driven to enable great charging experiences for all EV owners. Selling our fast-charging hardware is a new step for us, and one we’re looking to expand in support of our mission to accelerate the world’s transition to sustainable energy. We appreciate bp’s partnership in this area – it’s the right step towards a more sustainable future. ”   

“This is another example of how bp pulse is collaborating with leaders across the industry, in areas including real estate, charging technology and automakers, to advance EV infrastructure growth across the US, and to deliver the fast and reliable charging experience we know our customers demand.” said Sujay Sharma, CEO bp pulse Americas. “We remain open and committed to expanding alliances with EV industry leaders even further and we look forward to welcoming the growing number of EV drivers across the country to our network.”

In addition to this deal with Tesla, bp pulse aims to continue deploying additional fast and reliable charging points at high-demand locations, such as airports, major metropolitan areas, and bp-owned and properties along Alternative Fueling Corridors. Furthermore, bp has been awarded grant funds through programs like National Electric Vehicle Infrastructure (NEVI) and California Energy Commission (CEC) to provide charging infrastructure at sites in California, Pennsylvania, Colorado; and Kentucky. 

In February 2023, bp announced plans to invest $1 billion in America’s EV charging infrastructure by 2030 with an aim of investing $500 million in the next two to three years. Our five transition growth engines — bioenergy, convenience, EV charging through our charging business bp pulse, hydrogen, renewables and power — made up around 30% of bp’s total investment in 2022, up from around 3% in 2019.

This link offers a free 30-day trial of MetaStock.

Market Summary

BP(Trade Price) is currently 5.7% above its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of BP.L at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on BP.L and have had this outlook for the last 1 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish


Because prices closed higher than they opened, there was a white body incident.
There have been five white candles and five black candles throughout the last ten bars. There have been 30 white candles and 20 black candles throughout the last 50 bars, for a net total of 10 white candles.

There was an inverted hammer. This suggests a reversal if it happens during a downturn, which BP(Trade Price) seems to be experiencing. On the bar, look for a confirmation of the reversal.

There was a lengthy overhead shadow. When this happens close to a high price level, at a resistance level, or when the asset is overbought, it is usually a negative indication.

There was a shooting star (a shooting star is characterized by a lengthy upper shadow and a little genuine body toward the bottom of the candle). The lengthy upper shadow during an advance suggests that the bears are gaining ground and that a top may be approaching.

Something happened that resembled a spinning top—a candle with a little genuine body. When a session exhibits spinning tops, there is minimal price movement (as shown by the gap between the open and closing prices). A spinning top might indicate that prices are losing steam and that the bulls might be in trouble when they are nearing new highs or during a rally.

Bollinger Bands by MetaStock

BP (Trade Price) finished 49.7% above the bottom band on October 27, 2023.

Bollinger Bands are abnormally 21.76% broader. There is no clear indication of future volatility or price movement based only on the breadth of the bands as they currently stand.

There aren’t any trading possibilities at this moment, according to the current price activity around the bands in comparison to the Relative Strength Index (RSI).

You may also like


Your Trusted Source for Capital Markets & Related News

© 2023 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.