All articles tagged with #gas trading
Major oil companies like Shell, Exxon, and Chevron saw their stocks decline amid concerns over lower trading profits at Shell and OPEC's decision to increase oil output, which initially pushed crude prices down but later recovered due to tight physical markets.
BP has reported profits of $3.3bn for the third quarter, lower than expected, despite a recent rise in global oil prices. The company's earnings were down from $8.1bn in the same period last year, attributed to weaker gas trading. These results mark the first release since former CEO Bernard Looney resigned in September. Interim CEO Murray Auchincloss expressed confidence in the company's stability and growth prospects. BP also disclosed a $540m charge on three wind farm projects off the coast of New York due to failed renegotiations with authorities. The World Bank has warned of potential oil price increases if Middle East conflicts escalate.
Turkey's Energy Minister, Alparslan Bayraktar, has expressed doubts about the need for a new natural gas hub proposed by Russian President Vladimir Putin. Turkey already has a well-functioning gas trading platform, and the idea of a gas hub in Turkey raised concerns in the EU and the US. Putin clarified that he was referring to an electronic trading platform rather than physical gas storage. Discussions on the proposal have been paused due to various factors, including an earthquake and presidential elections. Turkey is currently dependent on Russian gas imports, but it is also exploring other options such as nuclear power plants and small modular reactors.