Venture Global lowers its 2026 profit forecast due to the winter storm and LNG margin squeeze
Venture Global, a U.S.-based company that produces LNG, reported a core profit for 2026 below Wall Street's expectations due to the?impacts of Winter Storm Fern?and margin compression during?the first quarter. Last month, it was reported that the U.S. exports of natural gas liquefied in January fell to 11.3 mmt from 11.5 mmt during December due to a winter freeze which closed some plants and reduced output in others. As a result of the trend to sell LNG on long-term contracts…
Venture Global lowers its 2026 profit forecast due to the winter storm and LNG margin squeeze
Venture Global, a U.S. LNG company, forecast its 2026 core profit to be?below Wall Street's expectations on Monday. This was due to the?impacts of Winter Storm Fern as well as margin compression during the first quarter. Last month,?reported that?exports?of liquefied gas from the U.S. dropped to 11.3 million tonnes in January from 11.5 mmt during December due to a winter freeze which closed some plants and reduced output in others.
Steve Cohen's Point72 has hired a Castleton veteran trader to help with commodities, according to sources
Three sources told us that Steve Cohen's hedge fund Point72 Asset Management hired Ryan Sheffler to be its natural gas portfolio manager in order to expand the commodities trading desk. Point72 is one of the few large hedge funds that has not yet built a commodities business. It has been pushing into this space in recent weeks. Citadel, Millennium and other investment firms have made huge profits due to the extreme volatility of commodity prices.
Glencore earned less money from energy sales despite selling more oil for the third consecutive year
The annual earnings of the commodity trader, mining group Glencore showed that it traded more oil in 2013 but made less money?from energy trading? for the third consecutive year. The company stated that "Energy coal and steelmaking coking coal faced a more subdued climate." The company said that "well-supplied markets and geopolitical uncertainties, as well as softer sentiments" affected performance. Glencore announced slightly…
Glencore returns $2 billion to its shareholders despite earnings decline
Glencore, the commodity trader and miner, announced its results for '2025 on Wednesday. This was just weeks after Rio Tinto, a larger rival, failed to make a takeover offer. The talks to create a global mining giant worth $240 billion were halted earlier this month due to valuation and ownership disagreements. This highlights the challenges faced by diversified miners who are trying to scale up in order to meet the rising demand for essential minerals.
Glencore stops major investment in Quebec smelter over dispute with emissions rules
Glencore announced on Tuesday that it had suspended nearly $1 billion in planned investments at the Horne Smelter - Canada's biggest copper - metal producing operation – after failing to obtain regulatory certainty from Quebec. Glencore, a London-listed mining company, announced in November last year that it was closing the facility because of environmental concerns and the need for large investments. Glencore announced in…
Deep-sea Mining Company seeks international permit in accordance with new Trump rules
The Metals Co became the first deep sea miner on Thursday to apply for Washington's permission?to mine?the international oceanbed, under a new streamlined permit process that was introduced this week. Deep-sea mines have the potential to produce large quantities of minerals for electric vehicles and energy transition. However, the debate about the possible environmental damage has been dragging on for decades and has prevented licenses from being issued. On 'Wednesday, the U.S.
Congo tightens its grip on cobalt by imposing new export restrictions
According to a government document reviewed by, the Congo has introduced new conditions for exporters of cobalt. This could complicate a recently implemented quota system, as the country tries to maintain a tight hold on this key mineral. Circular shows that the new conditions include, among others, pre-paying a 10% royalty in 48 hours, and obtaining a certificate of compliance. In October, the Democratic Republic of Congo introduced a quota-based system to replace a long-standing export ban.
Sources say that RPT-Gunvor is weighing the US energy push, which could strengthen Washington ties.
Sources familiar with the situation said that Gunvor, a commodity trader, has been in active discussions to invest into U.S. oil and gas producing assets. This could help to repair relations with the Trump Administration after the fallout of Gunvor's attempt to purchase the foreign assets of the sanctioned Russian company Lukoil. Gunvor dropped its offer to purchase Lukoil assets after the U.S. Gunvor was interested in increasing its U.S.
Gunvor considers US energy push, which could strengthen Washington ties
Sources familiar with the situation said that Gunvor, a commodity trader, has been in active discussions to invest into U.S. oil and gas producing assets. This could help to repair relations with the Trump Administration after the fallout of Gunvor's attempt to purchase the foreign assets of the sanctioned Russian company Lukoil. Gunvor dropped its offer to purchase Lukoil assets after the U.S. Gunvor was interested in increasing its U.S.
Lukoil to Sell International Assets
Russia's Lukoil is selling its international assets after the U.S. imposed sanctions on the company.Washington refused to approve the sale of assets to Swiss commodity trader Gunvor, throwing Lukoil's operations in disarray and leading to a scramble of potential buyers.The U.S. Treasury cleared potential buyers to talk to Lukoil until December 13. They will need separate approval for specific deals. U.S. oil major Chevron is studying options to buy some global assets of Lukoil, sources have said. U.S.
Glencore reduces Century Aluminum stake from 33% to 33% following tariff-driven rally
Glencore cut its stake in Century Aluminum from 10% to 33%. This has resulted in millions of dollars in profit following the share price rally that was sparked by U.S. Tariffs on Aluminium Imports. On June 4, U.S. president Donald Trump increased the tariffs on aluminum imports from 25% to 50% in order to encourage investment in the production of this metal in the United States. The largest shareholder in Century is Glencore, a London-listed company.
Lukoil Declares Force Majeure in Iraq as Operations Strain Under US Sanctions
Lukoil declared force majeure at its Iraqi oil field, sources told Reuters on Monday, and Bulgaria was poised to seize its Burgas refinery, as the Russian company's international operations buckled under the strain of U.S. sanctions.The force majeure at the West Qurna-2 field in Iraq marks the biggest fallout yet from the sanctions imposed on Russian oil majors Lukoil and Rosneft last month as part of U.S. President Donald…
Lukoil Struggles to Maintain Overseas Operations Amidst Sanctions
Russian oil major Lukoil is struggling to keep operations running at its sprawling foreign businesses as Western sanctions disrupt oil loadings in Iraq, pump stations in Finland and trading in Switzerland, sources said.The United States and the United Kingdom last month imposed sanctions on Russia's second-largest oil company, complicating how it carries out its normal operations.The U.S. Treasury Department issued a licence giving companies until November 21.
Bulgaria Temporarily Bans Fuel Exports to EU Following Lukoil Sanctions
Bulgaria's parliament temporarily banned on Friday exports of some fuels, mainly diesel and aviation fuel, to EU member states to ensure the stability of the local market following U.S. sanctions on Russia's Lukoil, which runs the country's biggest oil refinery.Last week, Bulgaria announced it would take measures to secure uninterrupted supplies of oil and oil derivatives after the U.S.
Energy Traders Steer Shipping Toward Greener Horizons
The maritime industry is charting a new course toward decarbonization, yet this time round it is not only traditional shipowners at the helm. Major energy and commodity traders, whose shipping operations often carry large carbon footprints, are now investing in cleaner and more efficient shipping. With the International Maritime Organization (IMO) calling for a 40% reduction in shipping’s carbon intensity by 2030 from 2008 levels, these players are now deploying new methods to cut emissions at sea.
CMOC IXM declares Force Majeure on Cobalt Deliveries from Congo
IXM, a commodity trader owned by China's CMOC Group has declared force majeure for deliveries of cobalt from the Democratic Republic of Congo, after the country extended the ban on exports of battery material. In February, the Congo suspended all cobalt exports for four months to reduce oversupply and stabilize prices which were at a nine-year-low of around $10 per lb. The world's biggest cobalt producer country announced last week that it would extend the suspension by another three months.
Sources: SOCAR, Gunvor and Bin Butti will bid for refiner Italiana Petroli
Two sources familiar with the matter said that next week, State Oil Company of Azerbaijan SOCAR, global commodity trader Gunvor as well as Abu Dhabi's Bin Butti Group will be expected to make binding offers to acquire Italian oil refiner Italiana Petroli. UniCredit is advising IP, or API Group as it's also called, on the sale. IP, owned by the wealthy Brachetti-Peretti family in Italy, has a refining capacity totaling around 200,000 barrels a day. It also has a network consisting of 4,600 fuel station.
Sources say that commodity traders will submit bids by May for Italy's IP.
Two sources confirmed on Thursday that global commodity traders Glencore and Gunvor were considering the possibility of buying oil refiner Italiana Petroli API group. State Oil Company of Azerbaijan is also interested in the asset, two sources with knowledge of the transaction said. Glencore, Gunvor, and IP have declined to comment. SOCAR did not respond to a request for comment. IP, owned by Brachetti Peretti, an Italian family, has a refining capacity totaling around 200,000 barrels a day.
Sources say that commodity traders are expected to bid for Italy's IP in May.
Two sources confirmed on Thursday that global commodity traders Glencore and Gunvor were considering the possibility of buying oil refiner Italiana Petroli API group. State Oil Company of Azerbaijan is also interested in the asset, two sources with knowledge of the transaction said. Glencore and Gunvor have declined to comment. SOCAR and IP did not respond to requests for comment. IP, which UniCredit advises on the possible sale, is owned and operated by the Italian Brachetti Peretti family.