Glencore’s first-half energy trading earnings surged 66-fold year-on-year as crude and LNG markets disrupted by the Iran conflict.
Glencore reported $2.66 billion in first-half adjusted EBIT from energy trading, a 66-fold increase from $40 million a year earlier. The surge reflects record crude, fuel, and LNG prices amid disruptions from the Iran war, which halted Gulf tanker traffic earlier this year.
The result outpaces prior-year performance and aligns with gains reported by rivals BP, Shell, TotalEnergies, and Trafigura. Trafigura posted $4.1 billion in net profit for the six months through March. Glencore’s trading volumes rose 24% to 5.2 million barrels per day of crude and fuels.
CEO Gary Nagle attributed the gains to market dislocations in oil, LNG, and shipping. The earnings mark a rebound after three consecutive years of declining energy marketing profits.