TotalEnergies expects strong gas, power trading gains in Q3

TotalEnergies said on October 14 it expected to see continued strong performance at its gas, LNG and power trading business in the third quarter, as its integrated portfolio "capture[s] opportunities in a volatile and dislocated environment."

The French major added that its refining and chemical business was also set for high results on the back of strong distillate margins, but that the numbers would be lower compared with the previous three months due to a drop in gasoline margins in Europe and the US.

Oil and gas production is expected to be 70,000 barrels of oil equivalent/day lower than in the second quarter, because of unplanned outages at the Kashagan field off the coast of Kazakhstan. 

Average gas prices leapt up to $16.83/mn Btu in the third quarter, from $11 three months earlier, while LNG prices averaged $21.51/mn Btu, up from $13.96.