Boom times for Shell amid record gas prices

Boom times for Shell amid record gas prices

Major oil companies are expected to reveal booming profits after global gas prices soared.

Shell is forecast to post quarterly revenue of $2.1bn (£1.5bn) for its natural gas division when it reports on Thursday, an almost three-fold increase on the same quarter last year.

Gas prices have climbed globally amid a global crunch in supplies, with Asian spot liquified natural gas prices four times higher than during the third quarter of 2020.

The rally is leading to painful increases in household bills across Britain and Europe, while factories have been forced to curb output.