posted a 22 per cent decline in first-quarter earnings due to a steep decline in profits from natural gas, while warning that rising crude oil prices could weigh on refining margins in coming months.
Less volatility in the market also eroded trading opportunities, though Total managed to partially offset those lower earnings with better margins in refining. Total expects natural gas profits to rise again over winter 2024-2025 as demand recovers in Asia and as little new LNG capacity comes online.But refining margins are set to fall, as higher oil prices currently around $90 per barrel are making refining less profitable going into the second quarter, with the trend likely to continue due to geopolitical tensions and decisions by OPEC+ countries to limit production via quotas.