Shell plc, the world’s leading LNG trader, reported mixed results in the second quarter, buffeted by lower natural gas realizations and volumes from a year ago.

The Integrated Gas (IG) business, which includes liquefied natural gas trading and optimization, reported a 69% decline in profits year/year. LNG liquefaction volumes were flat at 7.17 million tons (Mt), with LNG sales volumes falling by 6% to 16.03 Mt. 

Some of the impacts were seasonal, as Shell had signaled earlier this month. Most global gas is traded in the Northern Hemisphere during the first and fourth quarters, CFO Sinead Gorman explained on Thursday during the second quarter conference call. That limits optimization opportunities in the second and third quarters. 

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