EXCLUSIVE Gas crisis helps to land BP $500 million windfall – Reuters

EXCLUSIVE Gas crisis helps to land BP $500 million windfall – Reuters

  • BP trading makes $500 mln on LNG in Q3
  • Coal, gas, oil prices soar on tight global supplies
  • BP bets on trading to help it in energy transition

LONDON, Oct 26 (Reuters) – BP’s trading team made at least $500 million in the third quarter of 2021, two sources with knowledge of the company’s trading results said, as the energy major benefitted from a gas crisis that has left consumers and industries smarting.

Natural gas and power prices soared to an all-time high in Europe and parts of Asia in August as the global economy recovered from the pandemic and energy consumption increased faster than supplies.

Low gas stocks after a cold winter and hot summer as well as poor renewables output contributed to the rally.

The increase in power bills sparked protests in Spain and put European governments under pressure to find ways to protect consumers and industry and calm the markets. European Union countries failed to agree on a bloc-wide response on Tuesday. read more

In China, the government has taken measures to
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