Shell’s traders and refineries powered the oil major to its biggest quarterly profit in two years after the Middle East conflict upended the market for gasoline, diesel and jet fuel.
The London-listed group reported adjusted profits of $6.92bn for the first three months of the year, up by almost a quarter from a year ago and ahead of the $6.36bn forecast by analysts.
Traders typically benefit from volatility because sharp price swings create larger spreads between buyers and sellers, more opportunities for arbitrage and demand for hedging from customers such as utilities and airlines.
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