Europe’s gas market faces tightening ahead of winter due to low storage levels and competition from Asia for LNG shipments, says Equinor CEO. Profit drop of 13% in Q2 reported, with adjusted earnings before tax falling to $6.54 billion. EU gas stores at 65.4% full, down from 83% last year, creating potential market tightness. Supply situation depends on factors like weather-related demand and imports, as seen with 25% less LNG ships into Europe in June. Equinor maintains projection of 4% oil and gas output increase in 2024 but booked a $955 million writedown on a U.S. offshore wind project due to tariffs and regulatory uncertainty. Pumped 2.1 million boed in Q2, slightly above analyst expectations. Equinor’s share price down 1% at 1145 GMT.

Read more at Yahoo Finance: Equinor eyes tighter gas market as lower oil prices hit Q2 profit