Shell announced a decline in gas trading profits during the first quarter of 2024, but they are still high according to normal rates.

Shell's gas and liquefied natural gas trading division achieved strong performance over the past year. It benefited from the price fluctuations that followed the Russian-Ukrainian war.

The fourth quarter of 2023 was particularly notable; Shell has achieved exceptional profits from profitable trading opportunities and the provision of large quantities of liquefied gas. Shell expects that gas trading and efficiency improvement results in the first quarter will be strong, but will be significantly lower than the exceptional results of the fourth quarter of last year.

Shell expects liquefied gas production to range between 7.2 and 7.6 million tons during the first quarter, an increase from 7.1 million tons in the last quarter. Trade results will also be recorded in the company’s chemicals unit – which had suffered from weak profit margins in the fourth quarter of the year. The past due to global supply glut and weak demand – a noticeable increase during the first three months of 2024.

The data indicates continued fluctuations in gas prices, while the rise in liquefied gas production is expected to contribute to enhancing the profits of energy companies such as Shell and others.