Shell: tailwind from high gasoline prices | News

The Shell Vault is calling due to high oil and fuel prices. As a result, the British oil company will reverse write-downs on its oil and gas assets to $ 4.5 billion.

In the second quarter, refining margins almost tripled. Revenues from trading in crude oil and refining products are strong, albeit lower than in the first quarter.

At the same time, however, performance in the chemical industry has deteriorated, the group said. The British also completed a $ 8.5 billion share buyback program in the second quarter.

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At the beginning of the year, Shell made a profit of $ 7.1 billion, or 25 percent. more than a year ago thanks to higher oil prices. Crude oil prices remained high in the second quarter and gasoline prices continued to rise in many countries. In this context, recently there are more and more demands that oil companies be subject to a special tax on the so-called excess profits. However, such additional gains are difficult to measure.

Shell inventories have been adjusted

Shell stocks have shown an upward trend since the end of 2020, but recently their share has been revised by around 20 percent at its peak. The next support is just above the 200-day moving average (red) at around 2000p. Just below it is the uptrend line. The MACD has also dropped significantly, but is stabilizing at a lower level and favoring bottom formation.

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