Global natural gas markets are likely to remain tight through the winter, with oil prices continuing to climb as well, BP plc executives predicted on Tuesday.

Henry Hub Prices

CEO Bernard Looney was joined in a conference call by CFO Murray Auchincloss to discuss the London-based integrated energy major’s third quarter results and the near-term outlook. 

“It was a great quarter for production, a great quarter for realizations…a strong quarter for gas trading as well,” Auchincloss told investors. BP, the reigning largest natural gas trader in North America, continues to see its earnings “enhanced” by 2-3% a year because of its trading unit.  

“Henry Hub averaged $4.30, up from $2.90 in the second quarter as capital discipline continued to limit U.S. gas production growth and