TotalEnergies SE posted big gains on the global commodities rally in the third quarter, tapping its integrated structure to supply a world short on energy and sharply reversing the losses it sustained during the pandemic downturn last year.

“The global economic recovery, notably in Asia, drove all energy prices sharply higher in the third quarter due to the interconnection of energy systems,” said CEO Patrick Pouyanné. “Gas prices in Asia and Europe, up more than 85% from the previous quarter, reached unprecedented levels, and oil prices gained 7% continuing their steady year-long rise.”

All of the company’s divisions benefited, but none more than the integrated gas, renewables and power segment, which reported record cash flow of $1.7 billion. That came courtesy of...