Europe’s Fuel Squeeze Is Turning Into a Q3 Windfall for Equinor
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Norway's Equinor expects its marketing and midstream division to significantly exceed third-quarter guidance of $400 million, driven by record refining margins and robust LNG and crude trading proceeds. The company and other major energy firms are capitalizing on volatile oil and gas prices and a global fuel shortage that has pushed refining margins to historic highs.
Equinor expects its marketing, midstream, and processing (MMP) division to have earned more than the company’s guidance of $400 million for the third quarter, thanks to very strong refining margins and high proceeds from oil and LNG trading.
The Norwegian major and other energy companies continue to benefit from the high and volatile oil and LNG prices and the global fuel crunch, which has sent refining margins to record highs.
The third-quarter result in the MMP division is expected to be above the guidance, amid an average Dated Brent price of $97 per barrel for the quarter. Moreover, “unusually strong European refining margins combined with optimisation of equity and third-party LNG trading are expected to contribute positively to the result,” the Norwegian energy major said on Wednesday in a quarterly update prior to financial reporting.
Equinor is reporting full Q3 results on October 28.
In Norway operations, Equinor has estimated its realized liquids price for the E&P Norway division was in the range of $97 to $99 per barrel in the third quarter, the company said in the update.
The preliminary internal gas transfer price for the third quarter is $18.07 per million British thermal units (MMBtu).
To compare, Equinor realized a European gas price of $15.8 per MMBtu for the second quarter of 2026, up by 32% from a year earlier, and a liquids price of $97.9 per barrel, a 55% jump year over year. Equinor also saw a 93% jump in its second-quarter profit from a year earlier as oil and gas prices soared during the Middle East crisis and delivered windfall earnings to the biggest energy firms.
Oil and LNG prices rebounded in the latter part of the third quarter as tensions re-escalated in the Middle East, LNG flows out of the Strait of Hormuz remain very limited, and global stocks have depleted ahead of peak winter gas and diesel demand.
By Tsvetana Paraskova for Oilprice.com
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The Norwegian major and other energy companies continue to benefit from the high and volatile oil and LNG prices and the global fuel crunch, which has sent refining margins to record highs.
The third-quarter result in the MMP division is expected to be above the guidance, amid an average Dated Brent price of $97 per barrel for the quarter. Moreover, “unusually strong European refining margins combined with optimisation of equity and third-party LNG trading are expected to contribute positively to the result,” the Norwegian energy major said on Wednesday in a quarterly update prior to financial reporting.
Equinor is reporting full Q3 results on October 28.
In Norway operations, Equinor has estimated its realized liquids price for the E&P Norway division was in the range of $97 to $99 per barrel in the third quarter, the company said in the update.
The preliminary internal gas transfer price for the third quarter is $18.07 per million British thermal units (MMBtu).
To compare, Equinor realized a European gas price of $15.8 per MMBtu for the second quarter of 2026, up by 32% from a year earlier, and a liquids price of $97.9 per barrel, a 55% jump year over year. Equinor also saw a 93% jump in its second-quarter profit from a year earlier as oil and gas prices soared during the Middle East crisis and delivered windfall earnings to the biggest energy firms.
Oil and LNG prices rebounded in the latter part of the third quarter as tensions re-escalated in the Middle East, LNG flows out of the Strait of Hormuz remain very limited, and global stocks have depleted ahead of peak winter gas and diesel demand.
By Tsvetana Paraskova for Oilprice.com
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