Shell expects its products trading and optimisation results to be “significantly higher” than in the fourth quarter of 2021
Shell’s refining margins jump above $10/bl
The major’s downstream economics are almost 300pc improved year-on-year
The oil price may have soared in the first quarter of 2022, but even greater strength in products markets saw Shell’s indicative refining margin leap to $10.23/bl. Its products trading and optimisation results are also expected to be “significantly higher” than in the fourth quarter of 2021 when the firm reports Q1 results in early May. The firm’s refining margin was $6.55/bl in Q4, meaning it has boosted economics by 56pc quarter-on-quarter (see Fig.1). But, as pandemic restrictions continued to bite savagely, the Q1 2021 marker was as low as $2.65/bl, giving Shell a 286pc year-on-year improvement. Shell did not report an indicative refining margin prior to 2021. Refinery utilisation is exp
Also in this section
27 January 2025
Regional state-owned firms are transforming their strategies and leveraging their resources to position themselves as clean energy powerhouses, and to ensure they maintain influence in a low-carbon world
27 January 2025
Asian neighbours seek resolution on territorial dispute for hydrocarbons development that has spanned decades
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
