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Glencore targets $3.3 billion marketing profit in first half
The company said extreme volatility in oil, LNG, refined products, coal, and logistics tied to the Iran war is driving the expected windfall for its marketing segment.
Glencore expects to generate about $3.3 billion in marketing adjusted earnings before interest and taxes, or EBIT, for the first half of the year, according to a half-year production report published Wednesday.
The company attributed the windfall to extreme market volatility during the Iran war, which it said boosted trading results across energy commodities including crude oil, LNG, refined products, coal, and related logistics infrastructure.
Glencore did not break out how much of the first-half profit came specifically from energy trading, but it said detailed half-year earnings scheduled for next week are expected to show the contribution.
The trader warned that if energy markets continue to whipsaw, the first-half pace would place marketing profits on track for Glencore's best year ever, after it recorded a marketing adjusted EBIT of a record $6.4 billion in 2022, and $2.9 billion for all of 2025, in the same segment.
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