Commodities, a treasure trove of $120 billion from trading

In 2018 alone, profits attributable to commodity trading were at USD 36 billion, about one third of what they are today, the study says. Since then there has been uninterrupted growth, taking them to over 60 billion in 2020 and close to 80 billion in 2021. A string of outstanding achievements, which according to Oliver Wyman in the last five years has allowed between 70 and 120 billion dollars in cash to accumulate, which now is the time to 'choose how to invest'.

Financial players (banks and hedge funds) and some oil majors also operate in this business segment, first and foremost BP and Shell, historically very active, and increasingly also Eni, TotalEnergies and other companies.

And then there are the large independent trading houses, with about a quarter of the total profits, the study estimates: the aforementioned Vitol - a big oil company, which moves as many as 7.4 million barrels a day of crude oil and fuels, now close, according to rumours, to acquiring 90% of the Rovigo regasifier - but also Glencore, a global giant in both trading and mining, and also Trafigura, Gunvor, Mercuria. All private companies (with the exception of Glencore, listed in London since 2011), characterised by extreme confidentiality - not to say a lack of transparency - on their activities.

In the report, Oliver Wyman acknowledges progress on the latter front, linked to a recent evolution in the role of trading giants, which have helped 'provide stability to existing supply chains and support emerging ones' (e.g. that of critical minerals for batteries). With European governments in particular, there is a collaboration that is becoming 'closer', to 'ensure energy security and support new value chains'.

In Italy - following a model already pioneered in Germany - Sace last year secured bank loans worth hundreds of thousands of euros for Vitol, Trafigura, Gunvor and Mercuria, which in return agreed to facilitate LNG and metal supplies.

As for investments, Vitol is not the only one to have set its eyes on our country. Trafigura also owns a share in Saras (9.6%), as well as having signed an agreement to supply the Isab refinery in Priolo, after the transfer of ownership from Russia's Lukoil to the Cypriot fund Goi Energy.

Gunvor (through C-Blue Bv) has 10% of the Tal pipeline, which connects the port of Trieste with Austria and Germany, while Glencore owns Portovesme Srl, with zinc and lead production facilities in Sardinia.