Global gas price crisis helps BP secure $500m trading bonanza

BP.L

BP'S TRADING team made at least $500m (£363m) in the third quarter of 2021, according to Reuters.

The energy giant's results were reportedly disclosed at an internal call with staff earlier this month.

It is benefitting from an energy crisis that has resulted in natural gas and power prices soaring across Europe and parts of Asia.

As the global economy has recovered from the pandemic, energy consumption has increased faster than fuel supplies.

BP's strong showing in the third quarter of this year could indicate how its rival Shell will also benefit from the global gas crunch. They will both report their results over the coming weeks. The sector is now under growing pressure to increase investment in renewables and divest from fossil fuels, with governments set to meet in Glasgow for the COP26 climate conference later this week.

BP and Shell are both aiming to reach net zero carbon emissions across their operations by 2050.

(c) 2021 City A.M., source Newspaper