Glencore on Track to Record Over $5 Billion in Trading Profit in 2026
Glencore has forecast that its commodity trading division's profit will exceed $5 billion in 2026; a performance that, according to the company, has been driven above all by upheavals in oil, refined products, gas, and shipping markets, and could mark one of the best results in Glencore's history.
Citing Bloomberg, Glencore announced on Friday, October 2, 2026, that it expects its commodity trading profit to surpass $5 billion this calendar year. Realization of this forecast would be the division’s best performance since its 2022 record—a year when energy markets faced extreme volatility following Russia’s invasion of Ukraine.
Energy Markets, Main Driver of Profit Growth
In its statement, Glencore cited “significant changes in crude oil, refined products, gas, and shipping markets” as the main driver of this outlook. According to Bloomberg, energy price volatility and price differentials between regional markets in 2026 have created new opportunities for companies active in commodity trading.
Meanwhile, disruption to traffic through the Strait of Hormuz has led to higher transportation costs, and rising copper and coal prices have also contributed to Glencore’s performance.
Share Growth and Increased Long-Term Outlook
Following the release of this forecast, shares of Glencore, the mining and trading company listed on the London Stock Exchange, rose by as much as 2.8% at one point. The company also raised its long-term pre-tax profit outlook for its marketing and trading division, stating it expects the division to generate approximately $2.8 to $4.2 billion in annual profit from 2027.
Glencore had also announced in August that its core operating profit for the first half of 2026 reached $10.1 billion, which is 86% higher than the same period last year.
