Trading Profits Save Oil Majors In Very Volatile Second Quarter

In a big day for earnings releases, European majors Shell and Total reported on Thursday surprise profits for the second quarter, thanks to strong oil trading business when prices were highly volatile.   Royal Dutch Shell (NYSE: RDS.A) reported adjusted earnings of US$638 million, a whopping 82-percent plunge compared to the earnings for the second quarter of 2019, but well above analyst expectations for a loss, thanks to “very strong crude and oil products trading.” On a current cost of supplies (CCS) basis – Shell’s…