{"id":2861211,"version":0,"headline":"Markets ever more sensitive to disruption: Glencore","dateModified":"2026-08-05T09:31:21Z","datePublished":"2026-08-05T09:11:09Z","articleBody":"

Energy markets are increasingly sensitive to disruptions because of the significant inventory drawdowns in the first half of this year, trading firm Glencore said today.

Reporting its results for the January-June period, Glencore said the volatility was such that it waived its $200mn value-at-risk (VaR) limit for a period between March and May.

Glencore uses VaR to provide an estimate of the potential loss on risk positions over a defined time horizon, at a specified confidence level, based on historical price movements. It said the measure hit a high of $456mn during the first half, when it averaged $165mn. The measure averaged $72m in the comparable period in 2025.

Glencore expects market volatility to remain \"above historical norms\" for some of the second half of this year, \"albeit at lower levels than experienced during the first half.\"

Glencore today said adjusted earnings before interest and taxation, depreciation and amortisation (Ebitda) at its Marketing business, which encompasses its trading operations, rose to $3.64bn in January-June, from $1.7bn a year earlier. The increase was driven mainly by oil and gas trading operations, it said.

The company's Industrial business, which includes its extensive mining operations and its small crude production concern, made an adjusted Ebitda of $6.5bn, up by 72pc on the year.

Glencore's overall profit in the first half of the year was $4.4bn, compared with a loss of $655mn a year earlier.

By Ben Winkley

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Energy markets are increasingly sensitive to disruptions because of the significant inventory drawdowns in the first half of this year, trading firm Glencore said today.

Reporting its results for the January-June period, Glencore said the volatility was such that it waived its $200mn value-at-risk (VaR) limit for a period between March and May.

Glencore uses VaR to provide an estimate of the potential loss on risk positions over a defined time horizon, at a specified confidence level, based on historical price movements. It said the measure hit a high of $456mn during the first half, when it averaged $165mn. The measure averaged $72m in the comparable period in 2025.

Glencore expects market volatility to remain \"above historical norms\" for some of the second half of this year, \"albeit at lower levels than experienced during the first half.\"

Glencore today said adjusted earnings before interest and taxation, depreciation and amortisation (Ebitda) at its Marketing business, which encompasses its trading operations, rose to $3.64bn in January-June, from $1.7bn a year earlier. The increase was driven mainly by oil and gas trading operations, it said.

The company's Industrial business, which includes its extensive mining operations and its small crude production concern, made an adjusted Ebitda of $6.5bn, up by 72pc on the year.

Glencore's overall profit in the first half of the year was $4.4bn, compared with a loss of $655mn a year earlier.

By Ben Winkley

","lead":"Energy markets are increasingly sensitive to disruptions because of the significant inventory drawdowns in the first half of this year, trading firm Glencore said today.","cmsId":"24973152","source":"Censhare"}