Key facts
- Glencore's energy trading EBIT surged to $2.66 billion in H1 2026, up from $40 million a year earlier.
- The company's trading volumes increased by 24% to 5.2 million barrels per day.
- Market dislocations from the Iran war, particularly in LNG, oil, and shipping, drove the profit increase.
- Rival Trafigura reported $4.1 billion in net profit for its first half.
Glencore has reported a dramatic increase in its energy trading profits, earning 66 times more in the first half of 2026 compared to the previous year. The company's adjusted earnings before interest and taxes (EBIT) from trading reached $2.66 billion, up from $40 million a year ago. This surge is attributed to significant market dislocations in LNG, oil, and shipping markets, exacerbated by the ongoing Iran war which has impacted tanker traffic.
Glencore's CEO Gary Nagle highlighted the Oil and Gas department's performance, benefiting from these market conditions. The company's trading volumes also saw a substantial increase, rising by 24% to approximately 5.2 million barrels per day of crude and fuels. This performance positions Glencore for a rebound after three years of declining earnings from energy marketing.
Glencore joins other major commodity traders and European oil majors like BP, Shell, and TotalEnergies, as well as rival Trafigura, in reporting substantial profits this year. Trafigura, for instance, reported $4.1 billion in net profit for the six months ending in March. The heightened prices for crude, fuel, and LNG earlier in the year were a direct consequence of the conflict's impact on global supply routes.
In a separate development, U.S. President Donald Trump criticized oil majors ExxonMobil and Chevron for their high gasoline prices, linking them to potential risks for his Republican Party in the upcoming November midterm elections. Glencore's shares were up 3.4% following the release of its strong earnings report.