Key facts
- Glencore anticipates a first-half marketing adjusted EBIT of approximately $3.3 billion.
- The profit is attributed to extreme market volatility in energy commodities.
- This figure already surpasses the full-year trading profits for 2025.
- Glencore's marketing division includes oil trading.
- Integrated oil and gas majors like Shell have also seen increased trading results.
Glencore, a major commodity producer and trader, anticipates a first-half profit of approximately $3.3 billion in its marketing division. This strong performance is largely due to extreme market volatility in energy commodities, exacerbated by the ongoing Iran war. The company expects to report this figure next week, according to its half-year production report released Wednesday.
This first-half profit alone has already surpassed the trading profits recorded for the entire year of 2025. The market volatility experienced over the past five months positions Glencore's trading profit for its best year ever, provided energy markets continue their unpredictable swings. Glencore's previous record for full-year marketing EBIT was $6.4 billion in 2022, a year marked by market dislocations following Russia's invasion of Ukraine.
Glencore noted that in 2022, its energy departments successfully navigated extreme market imbalances, volatility, and dislocations across crude oil, LNG, refined products, coal, and logistics infrastructure. Beyond trading houses, integrated oil and gas companies with robust trading divisions, such as Shell, have also reaped benefits from the turmoil in energy markets since the start of the Iran conflict. Shell, for instance, expects significantly higher oil and LNG trading results in the second quarter due to the extreme volatility driven by the Iran war.