By Christian Moess LaursenBP reported an on-quarter rise in profits in the third quarter of the year, driven by high refining margins, strong oil trading and higher oil and gas production. On oil:"BP expects oil prices to be supported by OPEC+ production restrictions and the continued demand rebound." "BP expects industry refining margins to be significantly lower than the third quarter." On gas:"European gas and Asian [liquefied natural gas] prices will be driven by weather, demand recovery in Europe and China and ongoing geopolitical tension." "In the U.S., weather is also a risk factor, but higher than normal storage levels and higher production should help to dampen volatility."

Source: Wall Street Journal October 31, 2023 10:47 UTC