Titans of Trade: Comparing the World’s Top Global Energy Trading Companies (2022–2024)

Enerdealers Editorial

In the high‑stakes world of global energy markets, a handful of trading houses quietly move more crude oil, refined products, LNG and related commodities than most national producers. These companies don’t just buy and sell fuels — they shape price signals, influence logistics flows and underwrite the physical movements that power global transport and industry.

In this article, we put the five leading energy trading companies under the spotlight: Vitol, Trafigura, Mercuria, Gunvor and Glencore. Over the past three years, their business models have been tested by record volatility, geopolitical shifts and structural change in energy demand. The following tables and narrative provide a comparative view of their business results, product focus, assets and strategic evolution from 2022 through 2024.

Why These Five Matter

Energy trading is an industry where scale, speed, risk management and logistics mastery determine market leadership. The companies we examine here share a number of attributes:

• Global reach across continents and markets.

• Ownership or access to storage, terminals and shipping fleets.

• Strong integration between physical trading and financial hedging.

• A move into emerging energy vectors (LNG, biofuels, carbon services).

Yet each has its own strengths, weaknesses and strategic emphasis — which is exactly what the tables below are designed to reveal.

1. Business Results (2022–2024)

The first table compares the financial performance of the five traders over the past three years. Note that some (like Vitol, Trafigura, Mercuria and Gunvor) publicly disclose detailed annual results; others (such as Glencore) report energy trading contributions within broader financial statements.

Table 1 — Financial Snapshot (2022–2024)

Company	2022 Profit (USD)	2023 Profit (USD)	2024 Profit (USD est.)	2024 Revenue / Turnover (USD)	Notes
Vitol	~15.1 bn	~13.2 bn	~8.7 bn	n/a (private)	Continued scale, dramatic post‑pandemic growth
Trafigura	~8.0 bn	~7.4 bn	~2.8 bn	~243 bn	Volumes strong but profits normalized
Mercuria	~2.98 bn	~2.65 bn	~2.09 bn	~174 bn	Steady performance, diversified
Gunvor	~1.25 bn	~1.3 bn	~0.73 bn	~136 bn	Volume growth, margin pressure
Glencore (Energy)	~1.1 bn*	~0.9 bn*	~0.7 bn*	~215 bn*	Part of broader commodity portfolio

Glencore figures are energy segment contributions (not companywide).

Profit Dynamics

In 2022, amid extraordinary price volatility following pandemic supply disruptions and geopolitical shocks, all five traders reported exceptional profits. Vitol’s performance stood head and shoulders above the rest — a testament to its size and deep liquidity access.

By 2024, profits across the board had moderated. Trafigura saw a pronounced drop, not due to a collapse in volumes, but a reversion from the unprecedented market conditions of previous years. Mercuria’s results remained comparatively stable, reflecting its diversified portfolio and participation in emerging sectors such as LNG and metals.

Gunvor’s 2024 profit, while lower than its 2023 result, still signals resilience in physical trading volumes even as margins narrow.

Glencore’s energy segment — nested within one of the world’s largest commodities conglomerates — showed profitability but lagged peers. Its broader revenue base (including metals and minerals) underscores how its energy trading business is just one part of a larger portfolio.

2. Product and Asset Focus

Beyond profits and topline revenue, these companies differ in what they trade and where they own or control assets.

Table 2 — Product & Asset Footprint

Company	Core Products	Key Asset Strengths	Energy Transition Position
Vitol	Crude, refined products, LNG, biofuels	Terminals, refineries, global distribution	Active in biofuels, voluntary carbon markets
Trafigura	Crude, refined products, metals & bulk	Shipping, storage, logistics	Metals & energy transition investments
Mercuria	Crude, refined products, LNG, power	LNG agreements, diversified physical footprint	Pushing LNG, hydrogen outlook
Gunvor	Crude & refined products, power	Terminals, storage	Early EV fuels, diversified downstream
Glencore	Oil & products, coal, metals	Highly diversified commodities portfolio	Pivoting from coal; expanding gas & LNG

Trading Mandates and Assets

Here again we see divergence in strategy. Vitol’s position as the industry leader is reinforced by an asset ecosystem that spans storage terminals, refineries and long-term supply agreements. Its throughput capabilities feed its trading prowess.

Trafigura’s strength comes not only from energy trading but from its integrated metals and bulk commodities operations. This gives it flexibility across commodity cycles but also introduces complexity when energy markets move independently from other sectors.

Mercuria’s portfolio is notable for its emphasis on LNG and power — areas that point to a future beyond crude and distillate trading. Its asset position in LNG supply contracts and diversified logistics infrastructure allows it to operate in wider energy vectors.

Gunvor, historically a pure physical trader, has expanded into downstream and power-related segments, while retaining a strong core in refined products.

Glencore’s scale across metals, minerals and energy gives it resilience but also means its energy segment is comparatively less dominant than in peers whose sole focus is energy trading.

3. Strengths & Weaknesses

Rather than burying this in prose, here’s a direct comparison:

Table 3 — Strategic Strengths vs Weaknesses

Company	Strengths	Weaknesses
Vitol	Massive volumes; integrated assets; global reach	Private reporting limits transparency; profit cyclicality
Trafigura	Diversified portfolio; logistics backbone	Profit volatility; occasional operational losses
Mercuria	Balanced performance; energy & power diversification	Smaller scale vs Vitol/Trafigura; margin pressure
Gunvor	Growing volumes; strategic expansion	Lower profitability; governance scrutiny
Glencore	Diversified commodity base; scale	Energy segment less competitive; complexity

4. Evolution & Sector Trends (2022–2024)

Across these companies, several common themes emerge:

Normalization After Volatility

The extraordinary profits of 2022–2023 reflected market dislocations. By 2024, markets settled toward structural fundamentals — reducing opportunistic gains.

LNG and Alternative Fuels

LNG has moved from niche to mainstream. Mercuria and Trafigura, in particular, have leaned into LNG logistics and trading, capturing spreads tied to gas cycles.

Infrastructure Matters More Than Ever

Storage capacity, blending terminals, bunkering facilities and vessel fleets are now core to competitive advantage. Vitol’s asset base, for instance, underpins its ability to outcompete on both market access and risk absorption.

Geopolitics Is a Constant

Sanctions, trade policy shifts and regional choke points (e.g., Red Sea disruptions) have repeatedly impacted flows. Traders with robust risk systems and diversified corridors have had an edge.

5. Looking Ahead — 2025 and Beyond

What can we expect from this cohort in the coming years?

Profit Normalization Continues

Most analysts expect margins to settle further as supply chains stabilize and arbitrage opportunities shrink.

Transition Fuels Grow

Biofuels, hydrogen feedstocks, verified carbon credits and LNG will become larger parts of the trading mix.

M&A Could Reshape Leadership

Acquisitions in storage, terminals and alternative energy assets may reshuffle rankings.

Governance and Compliance

Increasing regulatory scrutiny — especially on sustainability and sanctions compliance — will differentiate winners from laggards.

Conclusions

The landscape of global energy trading is both timeless and dynamic. Giants like Vitol and Trafigura leverage scale and integrated assets to dominate volumes. Others, like Mercuria and Gunvor, lean into diversification and strategic niches. Glencore’s diversified commodity portfolio offers depth and resilience but tempers its energy trading prominence.

The past three years showed that profits can fluctuate wildly, but asset-backed trading desks that embrace energy transition vectors will shape the industry’s future.