Shell’s refining margins rise to $20 per barrel in Q2 2026, with gas trading offsetting operational challenges in the Middle East.
Shell plc (SHEL) reported a rebound in second-quarter refining and chemicals margins to $20 per barrel, bolstering operational guidance ahead of its July 30 financial release. The update highlights resilience in its Integrated Gas division, though production faces headwinds from Middle East disruptions.
Prior quarter margins had softened amid weaker global demand, while consensus estimates had projected a modest recovery. Comparable periods saw refining margins fluctuate between $12-$18 per barrel, underscoring the strength of the latest print.
The company did not disclose immediate market reactions, but the margin improvement may support earnings expectations for the quarter.