Shell expects refining margins of $42/bbl in the July-September period, almost double Q2's $24 and well above the prior ~$28 high. The cause: war-damaged refineries in the Middle East and Russia squee

What happened: Shell forecast refining margins of $42 a barrel for July to September in a trading update, above second quarter margins and the prior record for petroleum products. Key numbers: $42 a barrel forecast vs $24 in Q2; prior record about $28; Q2 2026 profit almost $10bn; shares peaked at £36.23; Brent averaged $85.60 in Q3 vs $97.05 in Q2 and $68.14 a year earlier; Why it matters: The gap between refined fuel and crude prices is lifting refinery profits, especially in the US and Europe. TotalEnergies' CEO said European refineries once seen as liabilities are becoming goldmines.

Shell's refining margin per barrel is forecast to double, signaling stronger profitability.

Shell's refining margin per barrel is forecast to double, signaling stronger profitability. — impact context not separately stored; see What changed.