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By Robert Harvey
LONDON, Aug 5 (Reuters) - Glencore earned 66 times much from vigor trading successful the archetypal fractional of 2026 than it did a twelvemonth earlier, joining different major commodity traders profiting from marketplace turmoil created by the Iran war.
Glencore booked $2.66 cardinal in first-half adjusted net earlier involvement and taxes (EBIT) from trading connected Wednesday, up from conscionable $40 cardinal a twelvemonth earlier.
U.S. President Donald Trump connected Monday accused lipid majors ExxonMobil and Chevron of making "too overmuch money" with precocious gasoline prices a hazard for his Republican Party arsenic it seeks to clasp power of Congress successful November midterm elections.
Glencore joins the trading desks of European lipid majors BP, Shell, TotalEnergies and rival trading location Trafigura successful reaping billions successful profits this year.
Trafigura reported $4.1 cardinal successful nett net for the six months done March.
Crude, fuel and LNG prices deed all-time grounds oregon multi-year highs earlier this twelvemonth arsenic the Iran warfare efficaciously halted tanker postulation leaving the Gulf.
"The Oil and Gas section was the superior contributor, which benefited from important dislocations crossed LNG, lipid and shipping markets," Glencore CEO Gary Nagle said.
Its first-half results put it connected way to rebound from 3 consecutive years of little net from vigor marketing.
Its trading volumes surged to astir 5.2 cardinal barrels per time of crude and fuels, astir 24% much than its 2025 average, Glencore's results showed connected Wednesday.
Looking up to the 2nd half, Glencore said that important inventory drawdowns had near lipid markets progressively delicate to disruptions.
Glencore shares were up 3.4% astatine 1130 GMT.
(Reporting by Robert Harvey; editing by Jason Neely)
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