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Shell announced on October 7 that its refining margins plummeted by nearly 30% in the third quarter, driven by a global decline in demand and increased competition from new refineries. The company also reported lower crude product trading earnings ahead of its full quarterly results on October 31.
Shell's Q3 Refining Margins Plunge 30% Amid Global Demand Decline and Intensified Competition
According to Reuters, Shell disclosed on October 7 that its refining profit margins significantly decreased in the third quarter in comparison to the previous three months as a result of a decrease in global demand. Furthermore, its earnings from petroleum product trading were diminished.
Shell reported in a trading update before its quarterly results on October 31 that its indicative refining margins decreased by nearly 30% to $5.5 per barrel in the three months ending in September, compared to $7.7 per barrel in the previous period.
According to Shell, the trading results for its chemicals and crude products division were anticipated to be lower than those of the second quarter.
Recent months have seen the emergence of new refineries and a slowdown in economic activity, particularly in China. These global events have significantly impacted Shell's refining margins, providing a comprehensive understanding of the industry's dynamics.
Shell Boosts LNG and Oil Production Forecasts for Q3 Amid Global Crude Price Decline
Shell, the world's largest trader of liquefied natural gas, has significantly increased its LNG production guidance for the quarter. This increase, from 6.8 million to 7.4 million tons to 7.3 million to 7.7 million metric tons, instills optimism about the company's growth.
The LNG trading results were anticipated to be consistent with those of the previous quarter.
The London-listed company also increased its upstream oil and gas production forecast for the quarter from 1.58 million to 1.78 million boed to 1.74 million to 1.84 million boed.
Exxon Mobil disclosed last week that its third-quarter results would be adversely affected by a decline in crude prices.
Oil prices declined 17% in the third quarter, the most significant quarterly decline in a year, due to concerns about the global oil demand outlook. On the final trading day of the quarter, Brent futures were settled at $71.77 per barrel.
