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TotalEnergies’ War Windfall: Soaring Profits, Fuel Shortages & A Hidden Catch!

As global energy markets struggle with fuel shortages, geopolitical conflicts, and disrupted supply chains, TotalEnergies is emerging as one of the major beneficiaries of the turmoil. The French energy giant expects exceptional third-quarter 2026 performance, supported by soaring refining margins, stronger oil and gas trading, and higher liquefied natural gas (LNG) prices. Its European refining margin indicator is expected to reach $33.2 per barrel, nearly four times its year-earlier level, while refinery output has increased to capitalize on the shortage of diesel and jet fuel. However, the same Middle East conflict creating these opportunities has disrupted TotalEnergies’ production, damaged infrastructure, and complicated energy shipments.