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Weakening refining, gas trading to hit Shell’s Q3 results
2022.10.06 02:27
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© Reuters. FILE PHOTO: A logo of Royal Dutch Shell is seen at Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai
LONDON (Reuters) – Shell (LON:) said on Thursday that its third-quarter profits will be weakened by a sharp drop in refining margins and “significantly” weaker earnings from trading.
Indicative refining margins dropped to $15 a barrel in the quarter compared with $28 a barrel in the previous three months, Shell said in an update ahead of its results on Oct. 27.
Indicative margins for chemicals dropped to negative $27 per tonne versus a positive $86 in the second quarter amid a slump in demand for plastics.
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