Shell's second-quarter trading statement shows strong operational performance, which helps mitigate some of the impact of the Middle East conflict, JPMorgan's Matthew Lofting writes. The update will likely drive an upward revision to consensus expectations, he adds. The absence of 'loss-making' commentary around its chemicals unit will be welcomed while working capital inflows will help deleverage the balance sheet, he adds. Shares rise 2.8% to 2,994 pence.(adam.whittaker@wsj.com)