Glencore Earnings Fall Despite Record Metal Trading Performance — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 2.4% at $69.01 a barrel.

--European benchmark gas is up 1.5% at 30.29 euros a megawatt hour.

--Gold futures are up 1.4% at $4,975.50 a troy ounce.

--LME three-month copper futures are up 0.5% at $12,731.50 a metric ton.

TOP STORY:

Glencore Earnings Fall Despite Record Metal Trading Performance

Commodity giant Glencore's metal traders booked record earnings last year amid optimal market conditions for the unit, while performance at its energy-trading business suffered as the sector normalized.

Combined, the two trading units reported an 8% fall in adjusted earnings before interest and taxes to $2.92 billion. Glencore attributed that drop to a challenging energy market.

The group's metal traders posted a near 20% surge in adjusted earnings. But its energy and coal trading business crashed by close to a third from a year earlier. Conditions in the sector were different than in 2022, when Russia's full-scale invasion of Ukraine plunged oil and gas markets into chaos and helped drive Glencore's energy trading unit to record profits.

OTHER STORIES:

Quantum Capital Raises $2.3 Billion So Far for New Energy Fund and Scores an Exit

Quantum Capital Group is more than halfway toward its goal of raising $4.5 billion for a new oil and gas-focused fund and has already scored a sizable exit deal involving assets held by the pool, according to an investor letter.

The Houston-based private-equity firm raised $2.3 billion for the new fund, Quantum Energy Partners IX, and parallel vehicles by mid-December, according to the letter, which was viewed by WSJ Pro Private Equity. Quantum has set a $5.75 billion limit for the fund, higher than the $5.25 billion it collected for a predecessor pool that it wrapped up in 2024.

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Naturgy Profit Rises on Higher Energy Demand, Pricing

Naturgy posted higher net profit for 2025, supported by strong energy demand and higher gas and electricity prices.

The Spanish energy company said Wednesday that net profit climbed to 2.02 billion euros ($2.39 billion) from 1.90 billion euros in the prior year, on revenue that rose 1.0% to 19.46 billion euros.

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The Fossil Fuel Tycoon Teaming Up With the Rockefellers to Fight Energy Poverty

Toby Rice made his fortune unlocking a gusher of natural gas in Appalachia. He has a bold new ambition: bringing energy to millions of people in impoverished nations.

Rice, the chief executive officer of EQT, one of the largest natural-gas producers in the U.S., is a co-founder of Energy Corps, a nonprofit that aims to help developing nations such as Ghana, Zambia and Burundi build out their energy infrastructure and prosper.

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Steel Dynamics, SGH Raise BlueScope Steel Takeover Bid to $11 Billion

U.S. steelmaker Steel Dynamics and Australian conglomerate SGH submitted a sweetened offer for BlueScope Steel that values its equity at roughly US$11 billion, and said they wouldn't raise it again unless a rival bidder emerges.

The new bid intensifies a takeover campaign dating back months when Steel Dynamics tried to get BlueScope, which has operations in 14 countries including the U.S. and Australia, to agree to a deal. Those earlier approaches were rebuffed and Steel Dynamics teamed up with SGH late last year to try to buy the company. BlueScope on Wednesday said it is considering the pair's revised proposal.

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Ovintiv to Sell Anadarko Land Holdings to Undisclosed Buyer for $3B

Ovintiv agreed to sell about 360,000 net acres of land in the Anadarko Basin in Oklahoma for $3 billion.

The natural-gas company said Tuesday that the land has produced about 90,000 barrels of oil equivalent per day so far in February.

MARKET TALKS:

Glencore Investors Might Question Logic of Keeping Coal Assets -- Market Talk

1327 GMT - Glencore investors might by questioning its decisions to retain its coal assets, AJ Bell investment director Russ Mould writes. The decision to keep the assets in 2024, when many of its peers were selling, attracted controversy for ESG reasons, he adds. Falling coal prices held its 2025 performance back as fossil fuel users like India and China switch to renewables, he says. Shares rise 3% to 500.50 pence.(adam.whittaker@wsj.com)

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Geopolitics Vs. Oversupply Keeps Oil Prices Volatile -- Market Talk

0824 ET - Crude futures are higher in continuing up-and-down trade with spikes in geopolitical risk perception weighed against a bearish fundamental background. Supply-disruption risks remain amid a military buildup in the Middle East, although progress in U.S.-Iran talks could lower tensions, Nikos Tzabouras of Tradu says in a note. "However, market fundamentals are still stacked against any sustained recovery, as oversupply expectations continue to reinforce a bearish bias." WTI is up 2.6% at $63.95 a barrel and Brent is 2.5% higher at $69.12.(anthony.harrup@wsj.com)

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Gold Pullback Seen as Corrective, with Dips Likely to Attract Renewed Buying Interest --Market Talk

1058 GMT - Gold's latest decline appears to be a corrective pause rather than the start of a deeper downturn, ING analysts say. The precious metal's short-term price movements remain highly sensitive to U.S. dollar fluctuations and broader risk sentiment. However, as Asian market liquidity normalizes and macroeconomic uncertainty persists, underlying demand is expected to strengthen. "Further dips are likely to be met by renewed buying interest," the analysts say. Futures in New York rebounded in early trading as investors bought the dip after a two-day decline, but remain well below the $5,500 mark reached earlier this year. (giulia.petroni@wsj.com)

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Orsted's U.S. Projects, Uncertain Growth Prospects Remain Overhangs -- Market Talk

1034 GMT - Orsted's execution on U.S. projects and visibility into growth persist in limiting share price performance, Jefferies analysts write. The Danish energy company has been granted an injunction on the lease suspension orders for its U.S. Revolution and Sunrise wind projects, but legal proceedings continue and there is no clear visibility on when a permanent solution may be achieved. Outside the U.S., the Hornsea 4, Baltica 3 and Greater Changhua 3 projects could progress within the next two years, offering growth potential. However, visibility on these projects is low. "Even if they do progress, they are unlikely to come online before 2030, implying to us that project-level M&A is needed to boost growth." Jefferies lifts its price target on the stock to 155 Danish kroner from 145 kroner and keeps its rating at hold. Shares rise 0.8% to 153.60 kroner. (dominic.chopping@wsj.com)

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Metals Hold Narrow Range; Copper Below $13,000 on Replenishing Inventories -- Market Talk

0919 GMT - Base metals continue to trade in a tight range, with copper futures on the London Metal Exchange up 0.5% to $12,723.50 a metric ton and aluminum rising 0.6% to $3,053.50 a ton. Copper has retreated below $13,000 as exchange stockpiles have climbed to a multiyear high, reflecting easing supply dislocations and replenishing inventories on the LME and SHFE. Analysts at ANZ Research say weaker Chinese spot premiums and record-high prices have also curbed restocking demand ahead of the Lunar New Year holiday. Aluminum, meanwhile, is drawing support from declining LME inventories, a cap on Chinese smelting capacity that limits output growth, and steady demand from the renewables sector, according to the firm. (giulia.petroni@wsj.com)

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European Gas Price Falls Further on Warmer Weather, Ample Flows -- Market Talk

0901 GMT - European natural-gas prices fall below 30 euros a megawatt-hour as forecasts of warmer temperatures ease concerns over low storage levels. Inventories across the European Union have fallen significantly during the current heating season and are now at their lowest since 2022. However, gas flows remained steady despite production outages in Norway, while windy weather is supporting wind-power generation, according to analysts at ANZ Research. Meanwhile, LNG imports remain strong. In early trading, the benchmark Dutch TTF contract is down 1.7% to 29.30 euros a megawatt-hour. (giulia.petroni@wsj.com)

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London's Miners Rise as Prices Tick up -- Market Talk

0853 GMT - London's miners rise in opening trade as metal prices increase. Gold prices rebound above $4,900 with investors buying the dip following a two-day slide in thin trading conditions. Trading was weaker due to the Lunar New Year holiday across Asia. New York futures rise 0.8% to $4,945.60 a troy ounce. Silver futures rise 3% to $75.78 an ounce. Meanwhile, LME three-month copper futures rise 0.6% to $12,700.50 a metric ton. Commodity giant Glencore rises over 3% after strong full-year earnings. Anglo American rises nearly 2%. Precious metal miner Hochschild Mining, Fresnillo and Endeavour Mining all rise around 0.4%. (adam.whittaker@wsj.com)

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Glencore's Returns Exceed Expectations -- Market Talk

0852 GMT - Glencore's capital returns come in ahead of expectations, Morgan Stanley analysts write. The company declared total capital returns of around $2 billion over 2026. This consists of a base dividend of $0.10 a share and a top-up distribution of $0.07 a share. The base dividend was broadly in line with expectations but the top-up dividend wasn't anticipated, the analysts write. This is because they had forecast higher net debt than what the company reported. Glencore reported $11.2 billion net debt, compared with the analysts' expectations of $12.9 billion. Shares rise 2.45% to 497.90 pence. (adam.whittaker@wsj.com)

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Glencore Reports Strong Results -- Market Talk

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February 18, 2026 09:18 ET (14:18 GMT)