BP (BP/ LN) says it met with USW Local 7-1 reps; says company and the union still working on several key issues

The established pattern in refinery labour disputes is a well-flagged sequence: contract expiry, rolling extensions, strike authorisation votes, and only then a walkout, which means the headline that talks are ongoing with key issues open sits early in that chain rather than at its end. Historically, actual refinery strikes have tended to be regional rather than national events, tightening local gasoline and distillate supply and showing up in Midwest cash diffs and crack spreads before they touch flat price crude. The operative distinction is between continued negotiation, which typically leaves operations running, and a formal strike notice, which is the point at which supply curtailment risk becomes concrete. Worth noting is that operators in past disputes of this kind have on occasion run plants with supervisory staff, blunting the immediate supply effect. The follow-ons are the contract deadline, any authorisation vote, and whether the union or the company begins using strike or lockout language.