Shell says it expects refining profit margins to reach record highs in the third quarter, driven by elevated energy prices. In a market trading update, the company forecasts margins of about $42 per barrel for the July to September period, up from roughly $24 per barrel in the second quarter and from prior highs.
Multiple outlets link the tighter global fuel supply to refinery disruptions, including the shutdown of war-damaged refineries in parts of the Middle East and disruptions involving Russia. Other coverage also points to strong oil trading and notes that major oil companies may benefit financially from the conflict-related price environment. The reports describe a multibillion-dollar upside as the higher margin on each barrel compensates for the broader supply squeeze.
While the outlets emphasize different aspects—refining margins, oil trading strength, and the wider geopolitical and supply context—they converge on Shell’s expectation of substantially higher per-barrel profit in the third quarter due to record fuel prices.
