Shell expects quarterly earnings to be hit by weaker trading in its integrated gas division and losses at its chemicals and products operations, it said on Monday ahead of second-quarter results due on July 31.

The company said trading in its core integrated gas division is expected to be significantly lower than in the first quarter. The warning follows a period of volatility in global gas prices.

Shell shares traded lower on Monday morning after the energy giant flagged weaker trading across its integrated gas, upstream and chemicals businesses.