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The commodity trading industry reaped its second-best year ever in terms of profits, banking over $100 billion and building up a mountain of cash to spend on assets and breaking into new markets.
“We saw pretty good margins overall and that is practically because things continue to be a little bit tight on the supply-demand side,” consultant Adam Perkins said in an interview. Still, disruptions and supply shortages of diesel and fuel oil offset lower Russia-related volatility in crude oil, while margins trading gas and power also remained relatively high.
They’ve already bought oil refineries, storage assets, power plants, and even other trading companies, while receiving large amounts of backing from countries like Italy, Germany, the US and Saudi Arabia to guarantee supplies of essential commodities like gas and copper.
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