Shell is best placed to cope with pressure on refining margins, says analyst

JPMorgan says Shell is among the best placed European energy groups as refining margins come under pressure across the region. European refining profitability has fallen sharply after peaking in March, with margins now reverting toward mid-cycle levels. The note is mildly negative for the sector but comparatively supportive for Shell versus peers.

Analysis

JPMorgan says Shell is among the best placed European energy groups as refining margins come under pressure across the region. European refining profitability has fallen sharply after peaking in March, with margins now reverting toward mid-cycle levels. The note is mildly negative for the sector but comparatively supportive for Shell versus peers.