TotalEnergies flags profit surge as energy prices climb
TotalEnergies projected a third-quarter refining margin of $33.2 per barrel, nearly four times the year-ago level, as Iran-related disruption lifted energy prices. Indian energy counters showed short covering in ONGC and long build-up in Reliance.
after close3 sources ↓machine-written, see hownot a recommendation
- ONGC close
- ₹225.50
- On the day
- +1.28%
- Futures OI, short covering
- -1.5%
- Put-call ratio
- 0.50
- Max pain
- ₹225.00
TotalEnergies said on 15 Oct 2026 that third-quarter profits were set to benefit from a sharp improvement in refining margins and higher liquefied natural gas income. The company projected a refining margin of $33.2 per barrel for July-September, compared with $13.5 per barrel in the previous quarter and $8.4 per barrel a year earlier. The latest figure was almost four times the year-ago level.
The move followed a sharp rise in crude oil and gas prices after the US-Israeli war with Iran led to the effective closure of the Strait of Hormuz. The disruption has lifted energy prices to multi-year highs as markets prepare for strong winter demand, improving the earnings backdrop for integrated energy companies ⚡. TotalEnergies shares rose 0.7% to €80.7 by 0725 GMT, while the broader European energy market fell 1.3%. The shares were reported to be up about 45.2% over the period covered by Reuters.
The development offers a read-through for Indian energy counters, although the earnings impact will depend on each company’s refining exposure, crude sourcing, gas portfolio and government-linked pricing arrangements. OI Charts data for 14 Oct showed ONGC at ₹225.50, up 1.3% on the day, while its futures open interest declined 1.5%, indicating short covering. Its options market showed a put-call ratio of 0.5, max pain at ₹225, the largest call open interest at ₹225 and the largest put open interest at ₹220. The stock remained down 4.4% over 20 sessions and close to its 52-week low of ₹218.53, making those levels relevant for near-term positioning.
Reliance rose 0.7% to ₹1,175, with futures open interest increasing 1.6% in a long build-up, according to OI Charts data. Its largest call open interest was at ₹1,250, the largest put open interest at ₹1,160 and max pain at ₹1,200 for the 27 Oct expiry. Traders will watch whether energy prices remain elevated, whether the Strait of Hormuz disruption eases, and whether upcoming company updates confirm that stronger margins are translating into cash flow and profit 📈.
Source: Reuters, 15 Oct 2026
Not investment advice. For informational purposes only.