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.
In China, the government has taken measures to increase coal output and reform power markets to ensure homes are heated this winter.
The gains were made as customers in Europe and Asia rushed to buy Liquefied Natural Gas from the United States and other parts of the world to cope with shortages - in a reversal of the situation two years ago when LNG producers faced a global glut.BP's strong gas trading results are likely to provide an early indication of how some of the other international energy companies will benefit from the global gas crunch.
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