Shell upgrades gas production outlook and says refining profit margins to grow

With Shell upgrading its outlook for gas production in the third quarter, Russ Mould, investment director at AJ Bell, says that the news puts the company in a positive position.

He said: “Shell upgraded its third-quarter gas production and implied its trading arm is enjoying another decent quarter following strong gains in Q2. Gyrations in the energy market amid ongoing fears about Middle East supply disruptions create the right kind of backdrop for commodity traders to make money.

“This positive news has helped Shell become one of the top 10 best performing UK blue-chip shares so far in 2026. It’s also a reminder that the UK stock market might be full of ‘old economy’ companies, but these businesses are still relevant. It shows that AI is not the only way to make money on the markets.”