Equinor flags Q3 windfall from strong refining, LNG trading

High and volatile oil and LNG prices, coupled with a global fuel crunch that has pushed refining margins to record levels, continue to benefit Equinor and other energy firms. The Norwegian energy major stated in a quarterly update that "unusually strong European refining margins combined with optimisation of equity and third-party LNG trading are expected to contribute positively to the result." The average Dated Brent price for the quarter was $97 per barrel.

Equinor is scheduled to release its full third-quarter financial results on October 28. In its Norway operations, the company estimated its realized liquids price for the E&P Norway division to be in the range of $97 to $99 per barrel for the third quarter. The preliminary internal gas transfer price for the same period was set at $18.07 per million British thermal units (MMBtu).

Oil and LNG prices saw a rebound in the latter part of the third quarter due to re-escalated tensions in the Middle East, limited flows through the Strait of Hormuz, and depleted global stocks ahead of peak winter demand for gas and diesel.