Shanghai SASAC held a meeting on July 31 to accelerate high-quality development of bulk commodity trade and build an international trading and investment platform. The meeting emphasized strategic positioning, ecological cooperation, and regulatory services. Guomao Holdings, a municipal state-owned enterprise with 13 billion yuan registered capital established in November 2025, signed framework agreements with SAIC Motor, Shanghai Electric, Shenergy Group, and Shanghai International Port Group to deepen collaboration and build a bulk commodity industrial ecosystem.
Exxon Mobil and Chevron reported sharp gains in second-quarter 2026 profit on July 31, lifted by higher international oil prices from the Middle East conflict. Exxon posted earnings of $14.525 billion, while Chevron earned $12.072 billion. Sales rose 42% at Exxon to $116.017 billion and 56% at Chevron to $70.055 billion. Brent crude averaged $96.68 a barrel, up 23% from the prior quarter, and US crude rose 27% quarter on quarter.
Shell reported a second-quarter 2026 net profit of $9.84 billion, more than double the year-earlier figure and the second highest in its history, driven by higher crude oil and natural gas prices, strong LNG and oil trading results, and improved chemical margins. Brent crude averaged $97 per barrel and European benchmark gas averaged €46 per megawatt-hour, both sharply higher than in Q2 2025. Operating cash flow, including working capital changes, also hit its highest level since 2022. Shell plans to continue its $3 billion share buyback program over the next three months.