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Glencore follows oil majors reaping bumper trading profits

After booking nearly USD 1 billion in earnings before interest and tax in oil trading during the first six months of 2020, Glencore now says trading profit will be at the top end of its target, after the commodity giant reaps the benefits of spring's contango market.

Photo: ARND WIEGMANN/REUTERS / X90184

Glencore Plc said trading profit will be at the top end of its target this year as the commodities giant joins big oil companies enjoying a bonanza from volatile price swings.

The company made nearly USD 1 billion in earnings before interest and taxes in oil trading in the first six months of 2020, similar to what it made in the whole of 2019, Bloomberg reported last week, citing people familiar with the matter.

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