fintech / news / / The Globe and Mail
The trading desks of Europe’s top three oil majors have reaped billions of dollars from the energy supply crunch caused by the Iran war.
BP, Shell, and TotalEnergies trading desks made at least $2.5 billion in Q1 from market volatility.
KEY POINTS
- European oil majors heavily outperformed U.S. rivals in share price since the Iran conflict began.
- TotalEnergies expects trading to boost Q1 earnings despite 15% of production shut in by the war.
- Exxon expects a Q1 earnings hit of $5.3 billion, mainly from derivatives timing due to the conflict.
- Equinor also anticipates higher earnings from oil price volatility and gas price spikes in Europe.
COMPANIES
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