Why BP Shares Are Rising

Shares of several energy and oil companies, including BP plc BP, are trading higher ahead of tropical storms in the Gulf of Mexico, which have disrupted supply.

According to The Weather Channel: Tropical Storm Ida is strengthening in the Caribbean Sea and is forecast to hammer the northern U.S. Gulf Coast as a major hurricane this weekend with life-threatening storm surge, dangerous rainfall flooding, potentially devastating winds and tornadoes.

BP is an integrated oil and gas company that explores for, produces and refines oil around the world. At year-end 2020, reserves stood at 18.0 billion barrels of oil equivalent, 59% of which are liquids.

BP is trading higher by 2.8% at $24.98. BP has a 52-week high of $28.49 and a 52-week low of $14.74.