Shell’s latest update, released ahead of the full earnings report scheduled for July 30, points to a repeat of the high-profit environment seen earlier this spring. While the company expects its chemicals, products, and marketing divisions to remain consistent with their first-quarter performance, the integrated gas sector is benefiting directly from the price swings that have dominated global energy markets.

This trend is not unique to Shell. BP and TotalEnergies similarly capitalized on market instability earlier this year, fueling a broader sector trend where trading desks generate billions in quarterly gains. Analysts expect the major energy firms to post robust profits when they disclose their official results later this month. However, the industry remains cautious regarding the optics of these gains. With the U.S. administration actively monitoring the sector for potential price-gouging and demanding relief for gasoline consumers, energy majors are navigating a delicate balance between reporting strong financial returns and avoiding political backlash.