Shell’s preliminary quarterly update included forecasts for the second quarter results that were generally “much better” than the outlook outlined by the oil and gas group in April. That’s what analysts at RBC Capital Markets say.

Shell announced that sales of oil products in the past quarter were much lower than in the same period last year. The biggest surprise, according to RBC, is that expectations for margins on refining operations have been adjusted downwards significantly.

RBC uses outperform advice for Shell. The stock was listed on the stock exchange in Amsterdam after half an hour trading 1.5 percent lower at 20.48 euros.