Crude Oil
The world's most traded commodity. Crude oil is priced by benchmark grades — Brent (global) and WTI (US) — with hundreds of other grades priced at a differential. Physical oil moves from producer to refinery via Very Large Crude Carriers (VLCCs) or pipelines.
Key Concepts
Resources
- IEA Oil Market Report
Monthly flagship report covering global oil supply, demand, refining, stocks, and price analysis. Free since 2022. One of the most authoritative oil market publications.
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
Benchmarks, Grades, and Differentials
Physical crude trades as a differential to benchmark futures, with quality and location converting Brent/WTI references into cargo-level pricing.
2 case studies →
Refining Margins and Crack Complex
Crack spreads connect crude prices to product demand, making refinery utilization a key bridge between upstream supply and end-use markets.
2 case studies →
Route Risk, Storage, and Prompt Structure
Chokepoint risk and storage economics shape prompt availability, vessel demand, and curve behavior in global oil markets.
2 case studies →
Key Players
Glencore
Baar, Switzerland
The world's largest commodity trader by revenue and one of the largest mining companies. Glencore trades everything from coal and copper to oil and agricultural products. Founded by Marc Rich, now headquartered in Baar, Switzerland.
Revenue model
Margin on physical commodity trades + mining/production equity. Profit from information asymmetry, logistical edge, and balance sheet to hold inventory. Marketing (trading) and industrial (mining) segments.
Largest coal trader globally; controls ~10% of seaborne thermal coal trade
WebsiteMarket Snapshot
STALELSE:GLEN (GBP)
Price
N/A
Daily Change
N/A
Market Cap
N/A
P/E
N/A
As of 2026-03-21T00:00:00Z · Source: Pending first automated market snapshot run
Financial Snapshot
Public filing derivedFY
2024
Revenue
$217bn
EBITDA
$17.0bn
Net Income
$4.3bn
Confidence: medium · Source: Glencore annual reporting (rounded)
Rounded values for educational orientation.
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.
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.
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.