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TotalEnergies' Gas Trading May Bounce Back in Q3, Analysts Say

Guavy AI Editorial Team
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Natural Gas
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TotalEnergies' gas trading business took a hit in Q2 due to a $800 million loss from liquefied natural gas (LNG) trading.

Berenberg, a European investment bank, believes this weakness was not due to a collapse in demand for TotalEnergies' LNG, but rather a trading bet that went the wrong way at the end of Q2.

The analysts at Berenberg say gas prices have rebounded since then, which could reduce the drag on trading results and help them recover in the second half of the year, starting in Q3.

TotalEnergies' CEO Patrick Pouyanné noted that its Refining & Chemicals unit received a $500 million oil-trading uplift compared to a 'normal' quarter, which cushioned earnings.

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