Oil Price Rally Boosts Glencore’s First-Half Profit

Key Points:

• Glencore reported a net income of $4.4 billion for the first half of 2026, a significant turnaround from a $655 million loss in the same period of 2025, driven by rallies in oil and copper prices and increased trading profits.
• Adjusted core earnings (EBITDA) rose 86% to $10.1 billion, and revenues increased by 49% to $174 billion, with marketing adjusted EBIT more than doubling to $3.3 billion due to disrupted energy, freight, and other markets.
• The company’s marketing division benefited from extreme market volatility linked to geopolitical events like the Iran war, positioning Glencore for potentially its best trading profit year ever if energy market fluctuations persist.
• Glencore’s CEO Gary Nagle highlighted that ongoing market volatility, though expected to ease somewhat in the second half of 2026, will continue to underscore the value of the company’s marketing, logistics, and risk management capabilities.
• The firm’s record marketing EBIT in 2022, driven by energy market disruptions from the Russian invasion of Ukraine, set a precedent for strong performance, with adjusted EBIT in the marketing segment reaching $2.9 billion for the full year 2025.