Oil Major Comments on Oil Markets

Some general market comments from oil results pressers from the majors earlier today:

• REPSOL: Repsol said oil refining margins have risen in July, compared with Q2.
• Margins fell q/q in the second quarter, due to lower middle distillate spreads and narrowing of heavy crude differentials.
• Its forecast for refining margin for full year remains unchanged at $9/bbl.
• TOTALENERGIES - TotalEnergies expects its margin on refining oil to rise this quarter, partly as hot weather disrupts operations.
• The company is “more positive” for this quarter than the previous three-month period, when it reported a refining margin of $42.70/ton -the margin is currently around the $70/ton level.
• TotalEnergies said European refining margins dropped due to a surge in Chinese exports and quicker-than-expected Russian crude and oil products finding global buyers after the EU imposed an embargo.
• SHELL: Shell comments more focussed on gas markets. "We are going into this European winter in a good place in the sense that renewable generation continues to grow ...(and) at the same time storage levels are approaching historic highs," Sawan said during a news conference on second-quarter earnings. "If we continue at the trend that we're on right now, we should expect storage levels in Europe to get past 90%," he added. He also added that Shell are seeing strong demand for aviation fuel demand in China.