The world’s largest independent energy traders are preparing for a long war in the Middle East and a protracted disruption to energy flows, while positioning their operations to profit from the uncertainty.
Vitol, Trafigura, Mercuria, Gunvor and others, whose role trading and transporting energy around the world has been severely tested by Iran’s blockade of shipping through the Strait of Hormuz, said they were deepening their credit lines with banks and considering how to protect their employees from burnout.
“We have been preparing for a long war scenario,” said Jeff Webster, the chief financial officer of Gunvor, at the FT Commodities Global Summit in Lausanne.
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