Declining oil prices and less volatility in the global gas market during the second quarter curbed what TotalEnergies SE earned on its LNG sales in the period.
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Oil markets are likely to remain weak given a glut of the fuel that’s expected to continue as OPEC and its allies unwind voluntary production cuts, the French supermajor said. The company echoed peers, such as BP plc and Shell plc, that have warned lower commodity prices are likely to dent second quarter results.
Brent crude has fluctuated between $60-70/bbl this year. Oil-indexed LNG contracts are typically sold based on an average crude price over the previous three to six months.