London, February 25, 2026, 07:54 GMT — Premarket
- METLEN said it signed an LNG supply-and-trading memorandum with Shell covering 2027-2031
- Shell shares last closed at 2,971.5 pence; U.S.-listed shares edged up in late trade
- Oil held near multi-month highs ahead of U.S.-Iran talks, keeping energy stocks sensitive
Shell’s share price was set for early focus in London on Wednesday after Greece’s METLEN Energy & Metals said it signed a memorandum of understanding with Shell on liquefied natural gas (LNG) supply and trading. Shell shares closed on Tuesday at 2,971.5 pence, up 0.22%, while the U.S.-listed stock last traded at $80.78, up 0.25%. (PR Newswire)
The timing matters because Europe is still leaning hard on LNG cargoes to balance winter demand, with imports running at record levels as inventories sit well below typical seasonal levels, according to LSEG shipping data cited by Reuters. A wave of U.S. export supply and softer spot buying from China have added to the churn in cargo flows and pricing. (Reuters)
Energy stocks are also taking their cues from crude. Brent was up 0.6% at $71.20 a barrel at 0400 GMT, with traders pricing a “large risk premium” ahead of U.S.-Iran talks in Geneva on Thursday, ING commodities strategists wrote. (Reuters)
METLEN said the two companies would work on supplying and trading about 0.5 to 1.0 bcm a year (billion cubic metres) over 2027-2031, with deliveries into Greek LNG regasification terminals, where LNG is turned back into gas. Evangelos Mytilineos, METLEN’s executive chairman, said the MoU “marks an important step” in strengthening the group’s role in European gas markets. (Investegate)
Shell, meanwhile, continued to shrink its share count. The company said it bought 1,191,059 shares for cancellation on Feb. 24 as part of its $3.5 billion buyback, with Morgan Stanley making trading decisions independently through May 1; Shell has said it aims to finish the programme before its first-quarter results. (GlobeNewswire)
The buyback sits alongside a broader push to keep payouts steady even as earnings wobble. Shell’s fourth-quarter adjusted profit missed expectations earlier this month, but it kept its buyback pace and raised its dividend. (Reuters)
The METLEN agreement is small next to Shell’s global LNG book, but it points to where management wants more weight: trading, shipping and optionality around Europe’s gas corridors, not just barrels out of the ground.
But the cooperation is years away from delivery. Anything that loosens Europe’s gas balance — warmer weather, weaker demand, or a deeper supply wave — could blunt the value of extra trading volumes and flexibility.
Oil is the nearer-term risk factor for the tape. If geopolitics cool and the risk premium comes out of crude, the support under big integrated names can fade fast, even if company news is positive.
Next up: Thursday’s U.S.-Iran talks and U.S. inventory data later Wednesday are the macro markers. For Shell watchers, the company has flagged an LNG Outlook update on March 16 and first-quarter results and dividends on May 7.
