South Korea Central Bank Holds Interest Rates Steady Amid Inflation Concerns 
Oil Prices Set for Sharp Weekly Losses as U.S.-Iran Ceasefire Hopes Ease Supply Concerns 
Gold Prices Hold Near Record Levels as Inflation Concerns Offset Middle East Ceasefire Hopes 
US Launches New Trade Investigation Into Vietnam Over Intellectual Property Concerns 
Nikkei Hits Record High as AI Chip Stocks Power Japan Market Rally 
Iran-U.S. Nuclear Talks Remain Unresolved as Strait of Hormuz Risks Keep Markets on Edge 
Canada and Germany Advance Major LNG Supply Partnership 
European EV Sales Surge in April 2026 as Tesla and Chinese Automakers Gain Ground 
US Imposes Fresh Iran Oil Sanctions Despite Progress on Ceasefire Talks 
Oil Prices Fall as Markets Await U.S.-Iran Peace Deal Decision 
Dollar Gains Slightly as U.S.-Iran Tensions Keep Forex Markets on Edge 
ECB’s Philip Lane Warns Middle East Conflict Could Keep Inflation Elevated 
European Stocks Rise as AI Optimism Offsets U.S.-Iran Tensions 
S&P 500 Hits Record High as Tech Rally Slows Amid Iran Peace Uncertainty 
Wall Street Reaches New Record Highs as AI Boom and Iran Ceasefire Hopes Boost Markets 
Tokyo Inflation Cools in May, Supporting BOJ’s Cautious Rate Hike Path 
S&P 500, Nasdaq Hit Record Highs as Iran Ceasefire Talks and AI Rally Boost Markets 
Shell’s Refining Margins Decline Sharply in Q3 2024
Shell announced a sharp decline in refining profit margins for the third quarter of 2024, primarily driven by weaker global demand. In its trading update before the Oct. 31 quarterly results, Shell revealed that refining margins fell by nearly 30% to $5.5 per barrel, down from $7.7 per barrel in Q2. The drop is part of a broader market trend, with refining margins facing pressure due to sluggish economic activity, particularly in China, and the commissioning of new refineries.
Trading Results & Chemicals Division
The company also anticipates lower trading results for its chemicals and oil products division compared to the second quarter, reflecting the overall downturn in market demand. These lower margins align with the ongoing challenges facing the global refining market.
LNG Production and Upstream Outlook Upgraded
Despite these challenges, Shell, the world's leading liquefied natural gas (LNG) trader, increased its Q3 LNG production forecast. The new guidance ranges from 7.3 to 7.7 million metric tons, an upward revision from the previous 6.8 to 7.4 million-ton estimate. LNG trading performance is expected to be consistent with Q2 results. Furthermore, Shell raised its upstream oil and gas production outlook to 1.74 to 1.84 million barrels of oil equivalent per day (boed), from a previous 1.58 to 1.78 million boed.
Global Oil Price Slump
This update from Shell comes shortly after Exxon Mobil warned of Q3 financial challenges due to declining oil prices. Brent crude prices fell by 17% in Q3, marking the steepest quarterly decline in a year, ending at $71.77 per barrel amid concerns over global oil demand.
Conclusion
Shell's Q3 trading update reflects the challenges posed by weak refining margins and lower trading earnings in oil and chemicals. However, the upward revision in LNG production and upstream output outlook presents a positive note amidst the market's volatility.
