Shell expects its products trading and optimisation results to be “significantly higher” than in the fourth quarter of 2021
Shell’s refining margins jump above $10/bl
The major’s downstream economics are almost 300pc improved year-on-year
The oil price may have soared in the first quarter of 2022, but even greater strength in products markets saw Shell’s indicative refining margin leap to $10.23/bl. Its products trading and optimisation results are also expected to be “significantly higher” than in the fourth quarter of 2021 when the firm reports Q1 results in early May. The firm’s refining margin was $6.55/bl in Q4, meaning it has boosted economics by 56pc quarter-on-quarter (see Fig.1). But, as pandemic restrictions continued to bite savagely, the Q1 2021 marker was as low as $2.65/bl, giving Shell a 286pc year-on-year improvement. Shell did not report an indicative refining margin prior to 2021. Refinery utilisation is exp
Also in this section
13 November 2025
The new federal government appears far more supportive of oil and gas than former prime minister Justin Trudeau’s climate-focused administration, but the prospects look better for the latter hydrocarbon
12 November 2025
The November 2025 issue of Petroleum Economist is out now!
10 November 2025
The Russian firm made a significant attempt to expand overseas over the past two decades but is now trying to divest its global operations
10 November 2025
OPEC+ has proven to be astute at bringing back oil production, but mysteries around Chinese buying, missing barrels and oil-on-water have left the group in wait-and-see mode
