Total SE recorded a big loss in the second quarter and took an $8.1 billion impairment as oil, natural gas and liquefied natural gas (LNG) prices all declined precipitously and the global economy reeled from the Covid-19 pandemic.

An oil market crisis, historically low natural gas prices and the economic slowdown in Europe decreased petroleum product demand at the company’s retail networks and dented its earnings, as other supermajors have also reported. 

Total said its year/year realizations for Brent crude slipped by 57%, while its Henry Hub prices were down 30%. The average European gas price realized at the National Balancing Point in the UK declined by 59% over the same time, while the average realization at the Japan Korea Marker in North Asia fell by 57%. 

As a...