Why does TotalEnergies expect strong oil trading earnings despite geopolitical turmoil, and what specific market disruption is cited as the driver?

TotalEnergies expects oil trading earnings to 'remain at the same strong level as in the first quarter' due to market upheaval caused by the war in the Middle East—specifically referencing the Iran conflict—which has upended crude markets and driven crude prices to their highest point since Russia’s 2022 invasion of Ukraine, largely through supply disruptions via the Strait of Hormuz.

What is TotalEnergies' outlook for its integrated LNG business, and what are the two main reasons given for its expected underperformance?

TotalEnergies expects results from its integrated liquefied natural gas (LNG) unit—which accounts for roughly a fifth of total earnings—to fall 'significantly' due to a lackluster European market, where heightened volatility has kept many participants on the sidelines, and because disruptions to LNG flows through the Persian Gulf have pushed prices so high that utilities are discouraged from refilling storage, leaving inventories well below seasonal norms ahead of winter.

TotalEnergies Sees Strong Oil Trading Even as Gas Weakens

Jul 15, 2026

TotalEnergies reported robust oil trading earnings amid Middle East conflict, though gas business faces European headwinds. Downstream refining margins and cash flow are projected to rise sharply despite LNG disruptions.

bloomberg

2026-04-07

TotalEnergies Establishes NEO NEXT+

2026-07-15

TotalEnergies Sees Strong Oil Trading Even as Gas Weakens

2026-09-18

TotalEnergies and BlackRock Agree on $1.8 Billion Africa Asset Financing

TotalEnergies Sees Strong Oil Trading Even as Gas Weakens

FAQ