LCrude: Shell reports $6.3B on lower crude oil margins
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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Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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
*******************************************************************************************
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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