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Shell’s Flagship LNG Trading Division Made Big Loss In Q3
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Reuters: Shell’s giant LNG trading division made $1 billion loss in Q3.
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Gas trading divisions by Shell’s peers performed much better.
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Nevertheless, Shell was still able to post its largest quarterly profit at $9.45B from $4.13B during last year’s corresponding period.
Shell Plc’s (NYSE: SHEL) flagship LNG trading division reported a loss of nearly $1B, sources have revealed to Reuters. The loss is attributed to serious whiplash after the company’s LNG traders were caught flat-footed by the surge in natural gas prices following Russia’s gas supply cuts to Europe. The latest revelation is, however, hardly surprising given that Shell has issued a weak update issued earlier in October.