Shell SHEL -4.52%▼ PLC said it expects its third-quarter earnings to be hit by lower refining margins along with “significantly lower” profit from trading gas, as a global scramble for energy supplies riles markets.
The London-based company said Thursday in a trading update that pricing and cost swings from shortfalls of liquefied natural gas would likely cut into profit from its huge gas business, typically its biggest cash generator. But Shell said its overall marketing profit from trading oil and other products was higher in the third quarter compared with the previous quarter.
