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Shell signals end to record profits run as refining margins drop

…margins at the FTSE 100 group’s chemicals unit have collapsed from $86 per tonne in the last quarter to an expected minus $27 per tonne, after a fall in global demand for plastics.

The trading update comes ahead of the release of Shell’s third-quarter earnings at the end of the month.

Shell, the world’s biggest trader of liquefied natural gas, added that earnings from its integrated gas business were expected to be “significantly lower” than in the second quarter because of lower seasonal demand and the impact of a “volatile and dislocated” market.

Shares in the energy group dropped nearly 4 per cent in early London trading on Thursday…

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