Shell has reported a significant drop in refining margins for the third quarter of 2024, with a decline of 30% attributed to weak global demand. This drop in margins has been accompanied by a fall in trading earnings for oil products and chemicals. Despite the refining weakness, Shell expects higher liquefied natural gas (LNG) output for the quarter, with gas trading performance in line with the second quarter. BP also anticipates a hit to its third-quarter profits due to weak refining margins, estimating a potential impact of up to $600 million. Exxon has similarly highlighted lower refining margins affecting its performance. Tickers of interest include $SHEL.