BP plc is forecasting continued high prices and volatility in the natural gas market through year-end, following an “exceptional” third quarter for its gas marketing and trading business, management said Tuesday (Nov. 1).

Breaking down the supermajor’s quarterly results on a conference call, CFO Murray Auchincloss said that reduced Russian pipeline imports to Europe “led to sharp increases in both spot and futures prices” on the continent, with the quarterly average Title Transfer Facility contract rising by 92% sequentially. 

“Prices also rose in the U.S. as summer cooling demand offset the loss of Freeport LNG exports,” Auchincloss said. Results for BP’s gas and low carbon energy segment “benefited from an exceptional gas marketing and trading performance,...