Glencore's energy trading desk booked $2.66 billion in first-half adjusted EBIT for 2026, a 66-fold jump from $40 million a year earlier, after the Iran war halted tanker traffic leaving the Gulf and pushed crude, fuel and LNG prices to multi-year highs. The trader joined BP, Shell, TotalEnergies and Trafigura in profiting from the turmoil, with its crude and fuel volumes about 24% above its 2025 average.
Glencore booked $2.66 billion in first-half adjusted EBIT from trading on Wednesday, up from just $40 million a year earlier. The 66-fold jump puts the trader on track to rebound from three straight years of lower earnings from energy marketing.
Crude, fuel and LNG prices hit all-time record or multi-year highs earlier this year as the Iran war effectively halted tanker traffic leaving the Gulf.
Its trading volumes surged to around 5.2 million barrels per day of crude and fuels, about 24% more than its 2025 average. Chief executive Gary Nagle said "The Oil and Gas department was the primary contributor", pointing to dislocations across LNG, oil and shipping markets. Glencore shares rose 3.4% at 1130 GMT following the results.
The trader joins the trading desks of BP, Shell and TotalEnergies, along with rival trading house Trafigura, in reaping billions in profits this year. Trafigura reported $4.1 billion in net profit for the six months through March.
Looking ahead, Glencore said significant inventory drawdowns had left oil markets increasingly sensitive to disruptions.
Source: Reuters
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