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Shell blames oil, gas margin calls for billions in cash outflows

Shell said on Thursday it diverted $7 billion of its cash flows partly to cover hefty oil and gas margin calls, becoming the first company to publicly acknowledge the pressure commodities traders have faced in 2022 from extreme price rises and volatility. Shell, together with other majors, utility companies, trading houses and banks, signed a letter in March urging governments and financial institutions such as central banks to set up an emergency liquidity mechanism to help energy markets cope with the extreme volatility caused by Russia’s invasion of Ukraine.

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