WorldThe Guardian

Shell expects refineries to almost double the profit from every barrel of fuel made

Shell is set to nearly double its refinery profit per barrel thanks to record diesel prices caused by war-damaged refineries in the Middle East and Russia.

Record prices caused by global shortages amid shutdown of war-damaged refineries in Middle East and Russia

The Long Sip
What happened

Shell forecast refinery profit margins of $42 a barrel for the July to September quarter, almost double the previous quarter and well above any prior record.

The detail

The diesel price premium over the global oil benchmark jumped above $100 a barrel for the first time, as war-damaged refineries in the Middle East and Russia cut supplies.

What it means

Shell's second quarter profit hit nearly $10 billion, more than double the same period last year, and European gas prices also doubled over the same summer period.

For you

Record diesel prices flow through to higher costs for trucking and agriculture, which means everyday grocery and fuel prices are likely to stay elevated for now.

Full story at The Guardian

What readers are saying

PortaugustErnie
TotalEnergies' chief executive said the refineries Europe thought were liabilities are now goldmines - but Shell's gas production got hit hard by the Iran crisis, down a third from its pre-war 900,000 barrels a day. So the real story isn't just that margins doubled, it's that Europe's refineries are only thriving because gas supplies dried up elsewhere.
Rogezza
Diesel prices jumped over $100 a barrel premium for the first time - if you're filling up soon, that's what's driving the petrol bowser prices right now, not crude oil movements.
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