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Shell reports steady profits from refining amid market volatility
Shell PLC achieved a record profit margin in the refining sector during the third quarter, amounting to $42 per barrel—higher than $24 in the previous quarter and surpassing its highest levels in 2022. This was due to fuel supply disruptions from the Middle East and Russia, which led to a decrease in global supply. The company's refinery utilization rate reached 97%, despite a decline caused by problems on the Rhine River, which led to higher prices for products like diesel above crude oil prices. The results indicated that the company managed well through market volatility, with Brent crude fluctuating between $71 and $100, and with strong prospects for the oil and gas trading sector during the quarter. The company's shares rose by 1% on Wednesday, with its strong performance reflecting the pressures on global fuel supplies.
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