{
  "id": 12612786,
  "title": "Shell’s Refining Margin Jumps 75% as Fuel Supplies Dry Up",
  "url": "https://urgent.news/2026/10/07/shells-refining-margin-jumps-75-as-fuel-supplies-dry-up",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-07T11:30:00.000Z",
  "source": {
    "name": "OilPrice",
    "slug": "oilprice",
    "url": "https://oilprice.com/Latest-Energy-News/World-News/Shells-Refining-Margin-Jumps-75-as-Fuel-Supplies-Dry-Up.html"
  },
  "original_language": "en",
  "account": "Shell's refining margin for the third quarter has surged 75%, reaching a record high, according to the company's update note. The margin is projected to reach $42 per barrel, up from $24 per barrel in the previous quarter. This significant increase is attributed to limited global fuel supplies, compounded by the Middle East's constrained fuel flows and Russia's ban on diesel exports. The global refinery margins have been soaring as refineries in the U.S., Europe, and Asia struggle to cope with the reduced market share of refined petroleum products. Shell's refinery utilization rate has dropped from 102% in the second quarter to an estimated 93%-97% in the third quarter due to low water levels on the Rhine River affecting the Rheinland refinery in Germany. Despite lower oil production guidance for the quarter, Shell has raised its natural gas output expectations to 740,000-780,000 barrels of oil equivalent per day, thanks to the acquisition of Canadian producer ARC Resources completed in early September. Equinor, another energy major, anticipates higher-than-expected earnings in its marketing, midstream, and processing division due to unusually strong European refining margins and optimization in LNG trading.",
  "summary": "Shell’s refining margin for the third quarter has nearly doubled sequentially to hit a record high, which is set to combine with strong trading results and high oil and gas realizations to keep yielding windfall profits for the supermajor. Shell expects its indicative refining margin for the third quarter to have jumped to $42 per barrel, up from $24 per barrel for the second quarter, the…",
  "key_points": [
    "Shell's refining margin for Q3 jumped 75% to $42 per barrel.",
    "Global fuel shortages and Middle East constraints drove the increase.",
    "Shell's refinery utilization fell to 93%-97% due to Rhine River issues."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}