Glencore's headquarters in Zug, Switzerland
Glencore fails to repeat oil trading success
A less volatile 2021 offers fewer opportunities for profit
Commodity trader Glencore recorded an adjusted Ebit of $672mn in the first half of 2021, down by 47pc compared with $1.265bn the same period last year as the firm’s traders found the oil market less conducive to delivering the record returns available in H1 2020. An improved contribution from the firm’s coal trading was not enough to offset “a return by oil back to within its more normal range, albeit towards the top end”. “Exceptional price movements and dislocations enabled our oil department to deliver a record half-yearly performance in H1 2020,” the firm says. But “due to a steadily increasing oil price trend this year, volatility was rather muted, with Brent near-dated implied volatili
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
