LONDON, March 27, 2026, 12:06 GMT
Shell Plc shares stayed resilient Friday, with crude pushing past $110 a barrel and investors bracing for a robust first quarter from the London energy giant. The stock last showed at 3,472.5 pence in London on Thursday; meanwhile, U.S.-listed Shell traded at $92.16 as of 11:26 UTC Friday, ticking up 0.3% from its prior close. The FTSE 100, in comparison, slipped 0.4%. Reuters
This shift takes on added weight with Shell nearing its earnings window, especially as profit forecasts tick up while equity markets show nerves. Over the last month, three analysts bumped up Shell’s first-quarter net profit projections by an average of 15%. The company will put out its quarterly update note on April 8, according to Reuters. “The first quarter is going to be phenomenal for these companies,” said Roth Capital Partners analyst Leo Mariani. Reuters
No mystery here. Brent jumped close to 3% on Friday, landing at $111.01. March’s average is running near $97—a 33% surge from February—after fighting forced the closure of the Strait of Hormuz, shelving about 20% of the planet’s oil and LNG shipments. Reuters
Shell is drawing attention from investors as a gas play, not just oil. According to Reuters, Western gas suppliers and traders have seen bigger gains than the wider energy sector after Qatar’s shipments slowed and Europe ramped up bidding for available cargoes. Shell has been trading in step with Equinor. Jefferies analyst Mike Wilson called the surge in gas prices “the most important takeaway for markets.” Reuters
Cash returns continue to anchor the equity case. Shell stuck with its $3.5 billion quarterly buyback after February’s disappointing fourth-quarter numbers. On Thursday, the company disclosed it bought back 1.11 million shares for cancellation, part of the program running until May 1. Reuters
Peers aren’t lining up the same way on LNG. TotalEnergies on Thursday pledged to stick with every LNG contract, even as outages hit Qatar. Sources told Reuters, though, that Shell has invoked force majeure on a chunk of Qatari cargoes it purchases and resells—a contractual move allowing deliveries to be suspended following significant disruptions. Reuters
So Shell shareholders are staring down a notable risk. After Iranian attacks, the company expects it will take a year to fully repair train two at Qatar’s Pearl GTL gas-to-liquids plant. Chief Executive Wael Sawan, speaking this week, also flagged the possibility of European energy shortages as soon as next month, saying, “Countries cannot have national security without energy security.” Reuters
Investors found little cover in broader markets, with European stocks slipping further on Friday. IG’s Chris Beauchamp flagged that equities probably won’t steady unless negotiations turn to reopening Hormuz. Barclays estimated that an extended shutdown might pull 13 to 14 million barrels a day out of supply and drive Brent up to $110 by the end of May. Shell, for its part, is set to report first-quarter numbers May 7. Reuters
