Key facts
- Energy markets are increasingly sensitive to disruptions due to significant inventory drawdowns, Glencore stated.
- Glencore waived its $200mn value-at-risk limit for a period between March and May.
- The company's value-at-risk measure averaged $165mn in the first half, up from $72mn a year prior.
- Adjusted Ebitda for Glencore's Marketing business increased to $3.64bn, driven by oil and gas trading.
- The Industrial business's adjusted Ebitda rose 72% to $6.5bn.
- Glencore reported a first-half profit of $4.4bn, a turnaround from a $655mn loss.
Energy markets are increasingly sensitive to disruptions due to significant inventory drawdowns in the first half of this year, trading firm Glencore said. The company reported its results for the January-June period, noting that volatility was such that it waived its $200 million value-at-risk (VaR) limit for a period between March and May.
Glencore uses VaR to estimate potential losses on risk positions. The measure hit a high of $456 million during the first half, averaging $165 million, a significant increase from the $72 million average in the comparable period of 2025. The company expects market volatility to remain above historical norms for part of the second half of the year, though at lower levels than experienced previously.
Adjusted earnings before interest and taxation, depreciation and amortisation (Ebitda) at Glencore's Marketing business, which includes its trading operations, rose to $3.64 billion in January-June from $1.7 billion a year earlier. This increase was primarily driven by oil and gas trading operations.
The company's Industrial business, encompassing its mining and crude production concerns, reported an adjusted Ebitda of $6.5 billion, a 72% increase year-on-year. Glencore's overall profit for the first half of the year was $4.4 billion, a substantial turnaround from a loss of $655 million in the prior year.