LONDON, Jan 31, 2026, 08:07 (GMT) — Market closed
- Shares closed Friday just below the previous level, at 2,794 pence.
- Shell announced new share repurchases after the current buyback programme came to a close.
- Next week’s earnings report and oil’s surge will be the key tests ahead.
Shell shares (SHEL.L) ended Friday at 2,794 pence, slipping 3.5 pence, or 0.1%. With London markets closed Saturday, the stock will hold steady until Monday’s session. (Yahoo Finance)
Brent crude has surged close to $72 a barrel, reaching its highest level since August. The jump comes amid worries over possible U.S. strikes on Iran and ahead of Sunday’s OPEC+ meeting. The cartel, responsible for about half of global oil output, is reportedly set to maintain its halt on production hikes for March, according to five delegates who spoke to Reuters. (Reuters)
The surge in oil prices directly impacts expectations for Shell’s upcoming quarterly report. The energy giant is set to release its Q4 results on Feb. 5 at 14:30 GMT, a date that might reignite discussions around buybacks and dividend policies. (Shell)
Shell revealed on Friday it bought back 689,103 shares on the London Stock Exchange and another 671,953 shares in Amsterdam, all set for cancellation. The volume-weighted average price came in at £27.8407 in London and €32.1997 in Amsterdam. According to the company, Merrill Lynch International handled trading decisions independently throughout the programme, which ran from Oct. 30 to Jan. 30. (Investegate)
Buybacks reduce the number of shares outstanding. Investors are watching to see if Shell launches a new program to replace the ended one or eases the pace if cash flow weakens.
A Reuters poll released Friday projects oil will hover near $60 a barrel on average in 2026, citing supply outpacing demand despite geopolitical tensions. “Geopolitics brings lots of noise … The oil market appears to be in a lasting surplus,” said Norbert Ruecker of Julius Baer. (Reuters)
Exxon Mobil and Chevron both topped fourth-quarter profit forecasts on Friday in the U.S., boosted by higher output and lower costs, Reuters reported. Their earnings could influence investor mood around oil giants when European markets open. (Reuters)
Shell also made headlines in retail fuels as Indonesia announced it is coordinating with the government on its 2026 fuel import quota. This came after local media flagged shortages at several Jakarta stations. Shell declined to comment on its import permit status. (Reuters)
Shell’s share price hinges on oil in the short term: investors will react to Sunday’s producers’ meeting, then move rapidly to focus on Shell’s upcoming earnings.
Bulls face a risk that the geopolitical premium could vanish as quickly as it appeared, dragging crude prices down and weighing on energy stocks. If refining and chemical margins remain sluggish, investors might demand a more conservative payout approach.
