By Tsvetana Paraskova of OilPrice.com
All three of Europe’s largest oil majors have reported their highest quarterly earnings in years, with their trading arms playing a key role.
While none of Europe’s oil majors report their trading performance separately, all three admitted that their performance had been exceptional.
Analysts believe that each of the companies will have made billions of dollars from trading, taking advantage of soaring volatility
Europe’s top oil firms reported blowout earnings for the first quarter as oil and gas prices spiked with the European energy crisis and the Russian invasion of Ukraine. All three major producers and traders—Shell, BP, and TotalEnergies—posted their highest quarterly earnings in years, hailing “outperforming” and “exceptional” trading results for contributing to the high earnings, together with spiking oil and natural gas prices and stronger refinery margins.
While it’s no secret that