Natural Gas
Natural gas trades both pipeline-bound (regional pricing) and as LNG (global pricing). European gas prices the TTF hub; UK uses NBP; US uses Henry Hub. Massive price divergence between regions is what creates arbitrage opportunities for traders.
Key Concepts
Resources
- IEA Gas Market Report
Quarterly analysis of global gas and LNG markets. Covers supply, demand, trade flows, and price developments. Free.
ReportFreeIEA
- EIA Short-Term Energy Outlook
Monthly US Energy Information Administration forecast for oil, gas, and electricity markets. Free, data-rich, downloadable spreadsheets.
ReportFreeUS EIA
- Splash247
Accessible shipping industry news and commentary. Free. Good for daily headline awareness without specialist jargon.
ArticleFreeSplash247
Learning Path
Regional Hub Pricing and Basis
Pipeline gas remains structurally regional, so basis between Henry Hub, TTF, and NBP reflects infrastructure and weather more than simple molecule scarcity.
2 case studies →
Storage Cycles and Seasonal Structure
Gas forward curves are heavily shaped by storage injection and withdrawal cycles, making calendar spreads essential risk instruments.
2 case studies →
Gas-Power Linkage and Dispatch Economics
Gas hubs and power prices are tightly linked where gas-fired generation is marginal, making heat rates and spark spreads central to monitoring.
2 case studies →
Key Players
Trafigura
Geneva, Switzerland
The second-largest private commodity trader. Trafigura focuses on oil and petroleum products, metals, and bulk commodities. Known for aggressive trading strategy and significant infrastructure investments in ports and storage.
Revenue model
Physical commodity trading margins + logistics infrastructure. Structured finance (prepay deals with producers) as a competitive weapon. Owns Impala terminals and other port assets.
One of the largest oil traders; pioneered prepay finance deals with African state oil companies
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
200-300bn
EBITDA
8-15bn
Net Income
2-7bn
Confidence: low · Source: Company disclosures and market estimates
Private company ranges, not audited public filings.
Gunvor
Geneva, Switzerland
Originally an oil trading company with deep Russian ties, Gunvor has diversified into LNG, coal, and power. Now fully independent after divesting Russian assets. Known for trading speed and opportunistic positioning.
Revenue model
Physical commodity trading with a strong focus on risk-taking and arbitrage across energy markets.
Once the largest trader of Russian crude; successfully pivoted after 2022 sanctions
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
100-170bn
EBITDA
3-8bn
Net Income
0.8-3.0bn
Confidence: low · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.
Vitol
Rotterdam, Netherlands / Geneva, Switzerland
The world's largest oil trader by volume. Vitol trades more than 7 million barrels per day. Privately owned by employees, Vitol is also active in LNG, power, and renewables. Operates VTTI storage terminals globally.
Revenue model
Thin margins on enormous physical volumes. Storage arbitrage (buy in contango, store, sell forward). Logistics and infrastructure ownership amplifies edge.
Largest oil trader by volume — moves ~7 million barrels/day
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
300-450bn
EBITDA
10-18bn
Net Income
2-7bn
Confidence: low · Source: Company disclosures and market estimates
Private company ranges, not audited public filings.
Mercuria
Geneva, Switzerland
Founded in 2004 by ex-Goldman Sachs traders. Mercuria started in oil and has aggressively expanded into metals, agriculture, and energy transition commodities. Owns JPMorgan's physical commodities business.
Revenue model
Physical trading margins + proprietary positioning. Strategic acquisitions to build supply chain assets.
Acquired JPMorgan's physical commodities business in 2014; active in carbon markets
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
120-190bn
EBITDA
3-9bn
Net Income
0.8-3.5bn
Confidence: low · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.