of 155 euros per MWh before easing to 89 euros on Tuesday. The price of North Sea crude oil has meanwhile risen 67% this year to trade at a three-year high of $86 per barrel.Earnings at Equinor's marketing, midstream and processing unit rose to $2.19 billion from $262 million, boosted by derivatives contracts related to European gas, the company said.
The mark-to-market gains from such contracts in the third quarter will be followed by losses in the MMP segment when those volumes are delivered under the long-term contracts, Equinor reiterated in its earnings report. The one-off nature of the MMP gains should be a note of caution for investors, SpareBank 1 Markets analyst Teodor Sveen-Nilsen said.Still, Equinor's share price could outperform peers by some 2-4% on Wednesday, the analyst added.The increased energy cost has led to soaring electricity prices across much of Europe and the world, hitting household as well as companies which have been forced to shut factories as profits eroded, triggering more supply chain shortages.
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