Henry Willetts

“Everyone’s got a plan until they get hit in the face.” – Mike Tyson In our conversations on The Strong Source podcast, Ed Turner, now Senior Trader at Gunvor Group, shared why that line spoke to a core part of the job. Markets will hit you. They’ll test your plan, shake your confidence, and force you to react. In our previous blog, we explored the traits that successful traders share. But qualities alone aren’t enough. To truly thrive, you need practical tools you can rely on when the market throws its punches. That’s why in our latest blog, we’ve distilled 10 tips for successful commodity trading, each drawn from conversations with industry professionals on The Strong Source podcast. Read the full blog on Vesper’s site, where tips come to life with real stories and quotes.

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"Commodities trading firm Castleton Commodities International has hired former Millennium Management Senior Oil Trader Roberto Rosales to head up a newly established oil trading team in Geneva, according to a report by Reuters.. Rosales ill be joined by Boyan Shmorhun, a North Sea trader from Gunvor Group, as Castleton continues to recruit talent from both hedge funds and trading houses as it looks to bolster its energy operations... The expansion follows a period of record profits across oil and gas markets, which has enabled major commodities firms to reinvest in trading talent. In recent months, Castleton has also added former Freepoint traders Patrick Guillot in Houston and Jason Kalish in New York... Castleton, headquartered in Stamford, Connecticut, has grown its headcount by 7% over the past year." #commoditytrading #commoditymarkets #oiltrading https://lnkd.in/er9r5aWd

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📊 Gunvor H1 2025 Results: Resilient Amid Commodity Market Shifts Reuters reports that Gunvor’s net profit fell 71% in the first half of 2025, down to $120.8M from $417M a year earlier. At first glance, this looks dramatic — but the deeper story shows how global commodity trading houses are navigating today’s volatile energy landscape. Full Reuters article: https://lnkd.in/dixMnBST ⸻ 🔎 Key Figures (H1 2025) • Net Profit: $120.8M (↓71%) • Revenue: $73.6B (↑8.6%) • Volumes: 123M metric tons traded (↑13% YoY from 109M) • Natural Gas: Volumes surged +72% YoY ⸻ ⚖️ What’s Driving the Numbers? 1️⃣ Margin Compression → Energy markets are seeing thinner arbitrage opportunities compared to the extreme dislocations of 2022–23. 2️⃣ Risk Management → Gunvor has taken a more disciplined approach, prioritizing capital preservation and long-term positioning over short-term gains. 3️⃣ Natural Gas Expansion → The standout growth area. With a 72% increase in traded volumes, Gunvor is reinforcing its role in one of the most strategic segments of the energy transition. 4️⃣ Diversification → Despite profit compression, revenues and volumes are growing, signaling stronger market penetration. ⸻ 🌍 What It Means for Commodity Trading • Resilience Counts → Profitability is cyclical in trading. Discipline today secures longevity tomorrow. • Market Share Matters → Growing volumes (especially in LNG and natural gas) strengthen strategic positioning for the next cycle. • Industry-Wide Trend → Gunvor is not alone. Other majors (Vitol, Trafigura, Mercuria) also face the same margin realities in 2025. ⸻ 💡 Insight for Members For commodity professionals, this case highlights: • The importance of risk control vs. volume growth. • How energy transition fuels (gas, LNG, power) are increasingly central to the trading business model. • Why margins will fluctuate, but structural positioning is what builds long-term competitiveness. ⸻ 🌐 COMMODITY TRADING CLUB – The world’s largest network of commodity professionals. 🔗 www.commoditytrading.club

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UK independent Serica Energy plc Energy has acquired more upstream assets in the #UK North Sea, agreeing to buy the entirety of British supermajor bp's stakes in the P111 and P2544 licences, despite the challenging tax regime in the country’s oil and gas sector. https://lnkd.in/dfgq5jrr

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🚨China LNG Retains Slight Lead as Pipeline Volumes Catch Up Caution prevails as domestic LNG prices hover near the annual floor (¥4,227/ton, just 2.3% above Feb’s low) and imports retreat to 266.9 Mcm/d (-~12% w/w from 302.5). Pipeline inflows remain firm, underscoring the tilt toward contracted supply over spot. Weather is diverging: Beijing is cooling below norms, trimming thermal load, while Shanghai heat keeps gas-fired generation elevated. Net effect: a stable but tightly managed system prioritising flexibility and cost control. Barring a sharp weather or policy shift, near-term dynamics look steady—low prices, contained demand, and disciplined procurement into late August. Full Market outlook: https://lnkd.in/etsg6edw Written by InHedge published on Eklipx Get in touch to unlock more Energy insights: https://eklipx.io

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Exclusive -- ExxonMobil has doubled the number of traders working in London to about 300 over the past two years. Most of the growth is from new hires, with only a minimal number moving over from Brussels. Exxon’s trading division is still much smaller than that of BP and Shell, and it remains more conservative than its rivals despite the expansion. But its recruitment drive underscores a desire to optimize the company’s vast network of pipelines, refineries and chemical plants — a priority for CEO Darren Woods. Full story with Mitchell Ferman and Jack Wittels https://lnkd.in/daKVXhs8

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Pleased to report that Berenberg analyst James Carmichael has initiated research coverage on Jadestone Energy today with a Buy rating and a 68p price target, over 200% above the existing share price. #JSE #Jadestone #oilandgas

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Aramco’s $100B Jafurah gas project secures $10.3B in new funding from banks led by BlackRock, JP Morgan & SMBC. Set to be the largest unconventional gas development outside the U.S., output begins this quarter. #OOTT #Aramco #Gas https://lnkd.in/gtpBiKuQ

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In a landmark move, Pakistan will import U.S. crude oil for the first time, marking a shift in the country’s energy sourcing strategy. Cnergyico, Pakistan’s largest refinery, has signed a deal with global trader Vitol to receive 1 million barrels of West Texas Intermediate (WTI) light crude in October. The cargo will be shipped from Houston and is expected to arrive in Karachi in the second half of the month. This historic purchase follows a recent trade agreement and months of negotiations prompted by U.S. tariff threats. Cnergyico Vice Chairman Usama Qureshi confirmed this is a test spot cargo under a broader term agreement with Vitol. If successful, the refinery may import at least one cargo per month going forward. #PakistanUSTrade #CrudeOil #Cnergyico #Vitol #USToPakistan #EnergySecurity #OilImports #WTICrude

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