LCrude: Shell reports $6.3B on lower crude oil margins

1 авг.

Shell reported a 19% drop in second-quarter earnings to $6.3 billion due to lower margins in refining and oil and gas marketing. Despite the decline, it beat analysts' forecasts, who had expected $6 billion. The British company also announced a $3.5 billion share buyback over the next three months and maintained its dividend at 34 cents per share. Adjusted earnings rose from $5.1 billion a year earlier, but were down from $7.7 billion in the first quarter. The decline reflected lower prices and sales volumes, as well as weaker transactions in the liquefied natural gas division due to seasonally low demand. In addition, results were affected by lower refining margins and weaker oil trading.
Looking at the chart, you can see that crude oil has seen a 30% oversold return on the RSI on the 29th, being 47.38% today. Shell's earnings news has moved crude oil to the middle zone of the long term channel where the Check Point (POC) at $78 also converges, so now it only remains to be seen if crude oil will continue to take positions with buyers and return to the $93.95 zone.

Ion Jauregui - ActivTrades Analyst






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