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BP warns over ‘tight’ winter gas markets as it beats profit forecasts
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BP has warned that gas markets will remain “tight” during the winter period of peak demand, as rising energy prices drove it to a higher-than-expected quarterly profit.
Oil and natural gas prices have soared this year because of rising demand as economies recover from the Covid-19 pandemic and tight supply.
The company reported a profit of $3.3bn (£2.4bn) for the third quarter, beating analysts’ expectations of $3.1bn. It compared with a $2.8bn in profit in the second quarter and $86m a year earlier, when energy demand and prices collapsed due to the coronavirus epidemic.
The BP chief executive, Bernard Looney, said: “This has been another good quarter for BP – our businesses are generating strong underlying earnings and cashflow while
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