After the high, the jagged hinterland of the lows. Both Shell and Exxon pumped out fewer profits in the third quarter than bullish earnings from BP and ConocoPhilips had led investors to expect. Shell’s chief executive Peter Voser was also downbeat about economic recovery, saying he didn’t see much of it, and what there was looked weak. Investors were disappointed; Shell’s shares dropped 5 per cent.

It was not as bad as that, though. Mr Voser, in charge since July, is busy cutting out costs – $1bn so far this year. That is less than BP’s $4bn but all of these savings are permanent irrespective of the economic cycle, compared with two-thirds at BP. Furthermore, Mr Voser has cut Shell’s workforce by 5 per cent, a saving that will not become apparent until next year.