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 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
