Ice Brent below $60/bl for first time since Feb 2021

Market: Crude oil
09/04/25

Front-month Ice Brent crude futures prices today fell below $60/bl for the first time since 8 February 2021.

The June contract hit an intra-day low of $59.77/bl at around 10:20 GMT, lower by 4.8pc on the day. The front-month has not settled below $60/bl on any trading day since 5 February, 2021.

Accumulated losses in the futures contract are now more than $15/bl, or more than 20pc, since a combination of broad US tariffs and a surprise acceleration of Opec+ output return on 3 April ended around a month of consistent price gains.

US tariffs on imports from a range of key trading partners take effect today. A 10pc baseline tariff on imports from nearly every foreign country already went into effect on 5 April.

By Ben Winkley

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02/05/25

Shell’s 1Q profit falls but beats expectations

London, 2 May (Argus) — Shell's Integrated Gas business segment delivered a solid performance in the first quarter, helping the UK major exceed analysts' earnings estimates despite ongoing struggles in its downstream Chemicals and Products business. Shell reported a first-quarter profit of $4.8bn, down from $7.4bn a year earlier. Adjusted for inventory valuation effects and one-off items, profit was $5.6bn, surpassing analysts' expectations of $5.3bn. Integrated Gas was Shell's top-performing segment, with a profit of $2.8bn, slightly higher than the first quarter of 2024. Production was down by 6.6pc year-on-year at 927,000 b/d oil equivalent (boe/d), but up 2pc from the previous quarter. Less maintenance at the Pearl gas-to-liquids plant in Qatar had a positive impact on production, Shell said. But the company's LNG volumes were affected by unplanned maintenance and weather constraints in Australia, falling to 6.6mn t from 7.6mn t a year earlier. The Upstream segment posted a profit of $2.1bn, down by 8.5pc on a year earlier but double what it made in the fourth quarter of 2024. The segment was hit with a $509mn tax charge related to the UK's Energy Profits Levy in the first quarter, partially offset by gains from asset sales. Production for the segment was slightly down compared to a year earlier at 1.86mn boe/d, partly due to the divestment of Shell's SPDC business in Nigeria. Overall, Shell's first-quarter production was 2.84mn boe/d, down from 2.91mn boe/d a year earlier but up from 2.82mn boe/d in the previous quarter. Shell expects lower production in the current quarter, ranging from 2.45mn boe/d to 2.71mn boe/d due to maintenance across its Integrated Gas portfolio and the absence of volumes from the SPDC business. The Chemicals and Products segment reported a $77mn loss for the first quarter, compared to a $1.3bn profit a year earlier. Refinery runs were down by 4.8pc year-on-year, and chemicals sales volumes were marginally lower. Despite persistent low margins in the downstream, Shell noted that refining and chemicals margins improved compared to the fourth quarter. Shell expects capital spending for 2025 to be within a $20bn-$22bn range, in line with last year's spending. The company is maintaining its dividend at 35.8¢/share and its share buyback programme at $3.5bn a quarter. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Technical issue behind EIA gas report delay: Update

01/05/25

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01/05/25

Technical issue behind EIA gas report delay: Update

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Nigeria’s Warri refinery restart threatened by strike

01/05/25

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01/05/25

Nigeria’s Warri refinery restart threatened by strike

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Ukraine, US sign reconstruction deal

01/05/25

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01/05/25

Ukraine, US sign reconstruction deal

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Brazil's energy transition spending drops in 2024

30/04/25

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30/04/25

Brazil's energy transition spending drops in 2024

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