Analysts at Jefferies wrote that due to falling prices of crude oil, European natural gas and liquefied natural gas, it is expected that the profits of European integrated petroleum companies will be hit. Analysts said that although higher gas prices in the US cushioned the decline to a certain extent, oil and gas trading performance is expected to return to normal and drag down profits. They believe the industry's total net profit for the fourth quarter is expected to drop 4% from the previous quarter. Meanwhile, Jefferies pointed out that refining profit margins remained strong during this period and should provide some support. Earlier on Thursday, London-based Shell warned that oil trading performance in the last quarter of 2025 was weak and profits declined. Shell shares fell 2.35% to 2,593p.

Analysts at Jefferies wrote that due to falling prices of crude oil, European natural gas and liquefied natural gas, it is expected that the profits of European integrated petroleum companies will be hit. Analysts said that although higher gas prices in the US cushioned the decline to a certain extent, oil and gas trading performance is expected to return to normal and drag down profits. They believe the industry's total net profit for the fourth quarter is expected to drop 4% from the previous quarter. Meanwhile, Jefferies pointed out that refining profit margins remained strong during this period and should provide some support. Earlier on Thursday, London-based Shell warned that oil trading performance in the last quarter of 2025 was weak and profits declined. Shell shares fell 2.35% to 2,593p.