BP's strong Q2 performance against key metrics suggests consensus estimates will be raised, J.P. Morgan analysts Matthew Lofting and Tianyu Wu say. The U.K. energy major followed peer Shell in releasing a strong update, with oil-trading results slightly higher than Q1's exceptional performance. Upstream price realizations and downstream operations exceeded expectations, potentially triggering double-digit upward revisions to earnings and cash flow estimates. BP shares rose 3%.

In an earlier note, J.P. Morgan highlighted pricing benefits of $1.8–2.1 billion in oil production and $500–700 million in gas and low-carbon energy, stronger than BP's rule-of-thumb sensitivity. Shares rose 2.75%.

Channel Infrastructure's biorefinery ambitions at Marsden Point in New Zealand grow, with the Seadra consortium adding fertilizer production and Ballance Agri-Nutrients as a partner. Macquarie views this as a major strategic signal, alongside a deal to sell the CCR Platformer unit for US$5.95 million. Marsden Point was New Zealand's only crude-oil refinery until 2022. Channel Infrastructure shares dipped 0.3% to NZ$3.23.