Shell Q3 refining profit margins fell sharply

On October 7th, Jinshi Data reported that Shell (SHEL.N) stated on Monday that due to the global demand decline, the company’s refining margin in the third quarter dropped significantly compared to the previous three months, and the trading income of petroleum products also weakened. In its latest trading report, Shell stated that in the three months ending in late September, its refining margin dropped from $7.7 per barrel in the previous quarter to $5.5 per barrel, a decrease of nearly 30%. The trading performance of the chemicals and petroleum products departments is expected to be lower than that of the second quarter. Shell also raised its expected production of liquefied natural gas for this quarter from the previous 6.8 to 7.4 million tons to 7.3 to 7.7 million tons, and the trading performance is expected to be flat compared to the previous quarter. The expected upstream oil and gas production for this quarter has been raised from 1.58 to 1.78 million barrels of oil equivalent per day to 1.74 to 1.84 million barrels of oil equivalent per day.