By Robert Harvey <\/p>\n
LONDON, Aug 5 (Reuters) – Glencore earned 66 times more from energy trading in the first half of \u200c2026 than it did a year earlier, joining other \u200cmajor commodity traders profiting from market turmoil created by the Iran war. <\/p>\n
Glencore booked $2.66 billion \u200bin first-half adjusted earnings before interest and taxes (EBIT) from trading on Wednesday, up from just $40 million a year earlier. <\/p>\n
U.S. President Donald Trump on Monday accused oil majors ExxonMobil and Chevron of making “too much \u200cmoney” with high gasoline \u2060prices a risk for his Republican Party as it seeks to retain control of Congress in November \u2060midterm elections. <\/p>\n
Glencore joins the trading desks of European oil majors BP, Shell, TotalEnergies and rival trading house Trafigura in reaping billions in profits \u200bthis year. <\/p>\n
Trafigura \u200breported $4.1 billion in net profit for \u200bthe six months through March. <\/p>\n
Crude, \u200cfuel 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. <\/p>\n
“The Oil and Gas department was the primary contributor, which benefited from significant dislocations across LNG, oil and shipping markets,” \u200cGlencore CEO Gary Nagle said. <\/p>\n
Its first-half results \u200bput it on track to rebound \u200bfrom three straight years \u200bof lower earnings from energy marketing. <\/p>\n
Its trading volumes surged \u200cto around 5.2 million barrels \u200bper day of \u200bcrude and fuels, about 24% more than its 2025 average, Glencore’s results showed on Wednesday. <\/p>\n
Looking ahead to the second half, \u200bGlencore said that significant \u200cinventory drawdowns had left oil markets increasingly sensitive to \u200bdisruptions. <\/p>\n
Glencore shares were up 3.4% at 1130 GMT. <\/p>\n
(Reporting by \u200bRobert Harvey; editing by Jason Neely) <\/p>\n","protected":false},"excerpt":{"rendered":"By Robert Harvey LONDON, Aug 5 (Reuters) – Glencore earned 66 times more from energy trading in the…\n","protected":false},"author":2,"featured_media":111959,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[123],"tags":[1013,18,1928,132,5649,54675],"class_list":["post-111958","post","type-post","status-publish","format-standard","has-post-thumbnail","category-glencore","tag-commodity-traders","tag-donald-trump","tag-energy-trading","tag-glencore","tag-iran-war","tag-trading-desks"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/117042932869472203","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/111958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=111958"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/111958\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/111959"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=111958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=111958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=111958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}