(July 7): Shell Plc signalled it had another strong oil and gas trading result in the second quarter, as it benefitted from the market turmoil caused by the Iran war.
Oil trading profits came in line with a strong first quarter while gas trading results were “significantly higher,” the London-based energy giant said in a trading statement on Tuesday, ahead of earnings results later this month. Traders often profit when markets are volatile.
Shell’s trading update offers a first glimpse into how Big Oil fared in a quarter when crude prices hit their highest since the invasion of Ukraine in 2022, before slumping as Persian Gulf producers ramped up flows through the Strait of Hormuz. The performance of Shell’s global trading operation is closely watched as it can be a key driver of earnings.
Brent, the international benchmark crude price, spiked above US$126 a barrel at the end of April before slumping more than 40% to trade around US$72 since the end of June.
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