Glencore said Friday it expects adjusted operating profit in its marketing division to exceed $5 billion for full-year 2026. The forecast follows a near-record first half, driven by significant volatility and market reshaping across crude oil, gas and freight. The new expectation is well above the company’s previous long-term guidance range.
Glencore also introduced a new methodology for its long-term, through-the-cycle guidance, which will apply from 2027. The framework accounts for higher inventory levels and the current interest rate environment.
Under the new model, the midpoint for marketing profit is approximately $3.5 billion. The guidance range is $2.8 billion to $4.2 billion, up from the previous range of $2.3 billion to $3.5 billion.