Shell forecast a record refining margin for the third quarter and said it continues to expect a strong performance from its oil and gas traders. Refining margins measure the difference between the cost of crude and the value of the fuels produced from it. Here are a selection of analysts comments:

Shell's Update Could Help Push Consensus Views Higher

0728 GMT - Shell's third-quarter business update could push net income consensus expectations around 4% higher, Jefferies analyst Mark Wilson writes. The British energy major's refining utilization rate of around 95% is robust given low Rhine water levels dragged activity, he adds. Shares rise 0.5% to 3,668 pence. (adam.whittaker@wsj.com)

Shell Posts Another Performance Update

0730 GMT - Shell's latest performance update was another strong one that will likely lead to consensus upgrades, RBC Capital Markets analyst Biraj Borkhataria writes. Strong oil and gas trading should also support cash flow generation, he adds. Shares rise 0.5% to 3,668 pence. (adam.whittaker@wsj.com)

Shell's Integrated Model Shines

0741 GMT - The full strength of Shell's integrated and trading business is on display, Barclays analyst Lydia Rainforth writes after the energy major's third-quarter trading update. Investor attention will now switch to the buyback, which could be $5 billion given its strong cash flow generation, she adds. Shares rise 0.5% to 3,668 pence. (adam.whittaker@wsj.com)

Shell's Update is Fundamentally Supportive

0758 GMT - Shell's continued strong oil and gas trading performance should be seen as a positive readacross to other large energy majors, J.P. Morgan's Matthew Lofting writes. The British energy major's third-quarter trading statement shows how it has been able to capture value amid the high and volatile price environment, he adds. Shares rise 0.5% to 3,668 pence.