Shell (SHEL.US) previews strong Q3 oil products trading performance: refining margin soars to a record $42 per barrel.

Shell expects a strong third-quarter performance in its oil trading business, driven by tightening global fuel supplies that pushed refining margins to a record high. The London-based energy giant said oil trading was in line with the strong performance of the previous three months, helped by a refining margin of $42 per barrel, far exceeding the previous quarterly high before 2022. With the Iran war and attacks on Russian refineries tightening global markets, Shell and its peers have been running their refineries as hard as possible, shutting down for maintenance only when absolutely necessary. Shell's refineries ran only slightly below the previous quarter, when they operated at full capacity. The trading update gave the first glimpse into how the major oil companies performed in a turbulent quarter in which Brent crude averaged more than $90 a barrel as the Middle East conflict dragged on. Supply disruptions caused huge price dislocations across energy markets, sending spot premiums for crude and refined products soaring. Shell said gas trading for the quarter was also in line with the second quarter, ahead of full results on October 29.