<p>彭博社报道，商品交易公司正在获取丰厚收益。如果这些公司在这样的时刻没有盈利，那它们就没有尽到职责。</p>
<p>摘要：</p>
<ul>
<li>主要商品交易商自乌克兰战争以来实现了最强劲的利润</li>
<li>实体油市的失衡推动了异常的利润率</li>
<li>每桶 20-30 美元的交易利润报告突显了极端的市场条件</li>
<li>霍尔木兹海峡的近乎关闭引发了对即时供应的争夺</li>
<li>波动性依然高企，地缘政治和价格波动带来风险</li>
</ul>
<p>全球最大的商品交易公司正在获得可观的利润，因为伊朗战争重塑了全球能源市场，极端的波动性和供应中断创造了有利于经验丰富的实体交易者的条件。</p>
<p>初步迹象表明，2026 年可能成为该行业自俄罗斯 - 乌克兰冲突以来最盈利的时期之一，几家领先公司已经报告了突出的业绩。包括维托尔、特拉菲古拉、冈沃尔和梅尔库里亚在内的私人交易巨头被认为正在从油市及更广泛的商品市场的剧烈失衡中受益。</p>
<p>据称，维托尔在第一季度单独创造了约 20 亿美元的利润，而特拉菲古拉则报告了两季度的强劲业绩，得益于能源和金属交易。冈沃尔表示，其第一季度的收益超过了前一年的总和，而梅尔库里亚预计收益接近其历史范围的上限，暗示数十亿美元的利润。</p>
<p>盈利能力的规模反映了非常不寻常的市场条件。霍尔木兹海峡的近乎关闭扰乱了原油和成品的流动，引发了全球对现货供应的争夺。这使得现货货物的价格大幅溢价，实体油交易的利润率据报道达到每桶 20 到 30 美元，远高于正常市场环境下的每桶几美分的回报。</p>
<p>复杂市场中的价格飙升突显了扰动的程度。中东原油的基准价格急剧上涨，而喷气燃料等成品的交易价格也处于极端水平，买家争相确保供应。在这种环境下，拥有强大物流网络、储存能力和市场准入的交易公司能够通过套利区域不平衡和管理流动来捕捉价值。</p>
<p>重要的是，这种环境正是商品交易者被期望表现的地方。压力、碎片化和波动性时期是交易专业知识、风险管理和基础设施带来超额回报的时候。在这种条件下未能获利将引发对执行的质疑，因为这些公司正是为了应对这种市场失衡而建立的。</p>
<p>尽管如此，背景并非没有挑战。一些公司在衍生品头寸上遭遇损失，因为价格急剧波动，而中东供应的中断引发了合同复杂性，包括不可抗力声明。冲突的早期阶段要求公司迅速调整运营，以重新安排流动和确保货物。</p>
<p>展望未来，管理层警告不确定性依然很高。油价继续对地缘政治发展做出剧烈反应，包括美国和伊朗官员的声明，同时更广泛的宏观因素也在加剧波动。天气驱动的需求和金属市场的强劲进一步支持了额外的收益，提升了整体交易表现。</p>
<p>即便如此，整体叙述是明确的：伊朗战争创造了一个高波动性、供应受限的环境，这对全球领先的商品交易商来说是极为盈利的。</p>
<p>---</p>
<p>商品交易商的强劲盈利能力是极端市场失衡的信号，而非稳定。高企的实体溢价和套利机会表明供应紧张，支撑油价并加剧通胀风险。只要波动性和供应碎片化持续，交易者将继续提取价值，但市场在地缘政治条件变化时仍然容易出现剧烈反转。</p>
<p>---</p>

英国石油

和顺石油

<p>商品交易公司因伊朗战争导致的石油市场波动而获得了显著利润。像 Vitol、Trafigura、Gunvor 和 Mercuria 等主要参与者报告了异常的利润率，每桶利润在 20 到 30 美元之间。霍尔木兹海峡的近乎关闭导致供应紧张，推动了价格上涨。虽然这种环境对交易者有利，但也带来了挑战，包括衍生品的潜在损失和地缘政治的不确定性。总体而言，这种情况表明市场极度失衡而非稳定，持续的波动性可能会继续</p>

<p>Bloomberg reported on commodity trading firms reaping gains. If these firms are not doing so at times like this they are not doing thier jobs.</p>
<div class="lb-trans"><p>彭博社报道，商品交易公司正在获取丰厚收益。如果这些公司在这样的时刻没有盈利，那它们就没有尽到职责。</p>
</div><p>Summary:</p>
<div class="lb-trans"><p>摘要：</p>
</div><ul>
<li>Major commodity traders post strongest profits since Ukraine war boom</li>
<li>Dislocations in physical oil markets drive exceptional margins</li>
<li>Reports of $20–$30 per barrel trading profits highlight extreme conditions</li>
<li>Near-closure of Hormuz triggers scramble for immediate supply</li>
<li>Volatility remains elevated, with risks from geopolitics and price swings</li>
</ul>
<div class="lb-trans"><ul>
<li>主要商品交易商自乌克兰战争以来实现了最强劲的利润</li>
<li>实体油市的失衡推动了异常的利润率</li>
<li>每桶 20-30 美元的交易利润报告突显了极端的市场条件</li>
<li>霍尔木兹海峡的近乎关闭引发了对即时供应的争夺</li>
<li>波动性依然高企，地缘政治和价格波动带来风险</li>
</ul>
</div><p>The world’s largest commodity trading houses are generating substantial profits as the Iran war reshapes global energy markets, with extreme volatility and supply disruptions creating conditions that favour experienced physical traders.</p>
<div class="lb-trans"><p>全球最大的商品交易公司正在获得可观的利润，因为伊朗战争重塑了全球能源市场，极端的波动性和供应中断创造了有利于经验丰富的实体交易者的条件。</p>
</div><p>Early indications suggest that 2026 could become one of the most profitable periods for the sector since the surge seen during the Russia-Ukraine conflict, with several leading firms already reporting standout performance. Privately held trading giants, including Vitol, Trafigura, Gunvor, and Mercuria, are understood to be benefiting from sharp dislocations across oil and broader commodity markets.</p>
<div class="lb-trans"><p>初步迹象表明，2026 年可能成为该行业自俄罗斯 - 乌克兰冲突以来最盈利的时期之一，几家领先公司已经报告了突出的业绩。包括维托尔、特拉菲古拉、冈沃尔和梅尔库里亚在内的私人交易巨头被认为正在从油市及更广泛的商品市场的剧烈失衡中受益。</p>
</div><p>Vitol is said to have generated around $2 billion in profit in the first quarter alone, while Trafigura has posted two of its strongest quarters on record, supported by both energy and metals trading. Gunvor has indicated that its first-quarter earnings exceeded those of the entire previous year, and Mercuria expects returns near the top end of its historical range, implying multi-billion-dollar profits.</p>
<div class="lb-trans"><p>据称，维托尔在第一季度单独创造了约 20 亿美元的利润，而特拉菲古拉则报告了两季度的强劲业绩，得益于能源和金属交易。冈沃尔表示，其第一季度的收益超过了前一年的总和，而梅尔库里亚预计收益接近其历史范围的上限，暗示数十亿美元的利润。</p>
</div><p>The scale of profitability reflects highly unusual market conditions. The near-closure of the Strait of Hormuz has disrupted flows of crude and refined products, sparking a global scramble for readily available supply. This has pushed spot cargoes to significant premiums, with physical oil trades reportedly generating margins of $20 to $30 per barrel—levels far above the typical cents-per-barrel returns seen in normal market environments.</p>
<div class="lb-trans"><p>盈利能力的规模反映了非常不寻常的市场条件。霍尔木兹海峡的近乎关闭扰乱了原油和成品的流动，引发了全球对现货供应的争夺。这使得现货货物的价格大幅溢价，实体油交易的利润率据报道达到每桶 20 到 30 美元，远高于正常市场环境下的每桶几美分的回报。</p>
</div><p>Price spikes across the complex have underscored the extent of the disruption. Benchmarks for Middle Eastern crude surged sharply, while refined products such as jet fuel traded at extreme levels as buyers competed to secure supply. In this environment, trading houses with strong logistics networks, storage capacity and market access have been able to capture value by arbitraging regional imbalances and managing flows.</p>
<div class="lb-trans"><p>复杂市场中的价格飙升突显了扰动的程度。中东原油的基准价格急剧上涨，而喷气燃料等成品的交易价格也处于极端水平，买家争相确保供应。在这种环境下，拥有强大物流网络、储存能力和市场准入的交易公司能够通过套利区域不平衡和管理流动来捕捉价值。</p>
</div><p>Importantly, this kind of environment is precisely where commodity traders are expected to perform. Periods of stress, fragmentation and volatility are when trading expertise, risk management and infrastructure deliver outsized returns. Failure to capitalise in such conditions would raise questions about execution, given that these firms are built to navigate precisely this type of market dislocation.</p>
<div class="lb-trans"><p>重要的是，这种环境正是商品交易者被期望表现的地方。压力、碎片化和波动性时期是交易专业知识、风险管理和基础设施带来超额回报的时候。在这种条件下未能获利将引发对执行的质疑，因为这些公司正是为了应对这种市场失衡而建立的。</p>
</div><p>That said, the backdrop is not without challenges. Some firms have faced losses in derivatives positions as prices moved sharply, and disruptions to Middle Eastern supply have triggered contractual complications, including force majeure declarations. The early phase of the conflict required rapid operational adjustments as companies worked to reroute flows and secure cargoes.</p>
<div class="lb-trans"><p>尽管如此，背景并非没有挑战。一些公司在衍生品头寸上遭遇损失，因为价格急剧波动，而中东供应的中断引发了合同复杂性，包括不可抗力声明。冲突的早期阶段要求公司迅速调整运营，以重新安排流动和确保货物。</p>
</div><p>Looking ahead, executives caution that uncertainty remains high. Oil prices continue to react sharply to geopolitical developments, including statements from US and Iranian officials, while broader macro factors also contribute to volatility. Additional gains have been supported by weather-driven demand and strength in metals markets, further boosting overall trading performance.</p>
<div class="lb-trans"><p>展望未来，管理层警告不确定性依然很高。油价继续对地缘政治发展做出剧烈反应，包括美国和伊朗官员的声明，同时更广泛的宏观因素也在加剧波动。天气驱动的需求和金属市场的强劲进一步支持了额外的收益，提升了整体交易表现。</p>
</div><p>Even so, the overarching narrative is clear: the Iran war has created a high-volatility, supply-constrained environment that is proving highly profitable for the world’s leading commodity traders.</p>
<div class="lb-trans"><p>即便如此，整体叙述是明确的：伊朗战争创造了一个高波动性、供应受限的环境，这对全球领先的商品交易商来说是极为盈利的。</p>
</div><p>---</p>
<div class="lb-trans"><p>---</p>
</div><p>Strong profitability among commodity traders is a signal of extreme market dislocation rather than stability. Elevated physical premiums and arbitrage opportunities point to tight supply conditions, supporting oil prices and reinforcing inflation risks. As long as volatility and supply fragmentation persist, traders will continue to extract value, but markets remain vulnerable to sharp reversals if geopolitical conditions shift.</p>
<div class="lb-trans"><p>商品交易商的强劲盈利能力是极端市场失衡的信号，而非稳定。高企的实体溢价和套利机会表明供应紧张，支撑油价并加剧通胀风险。只要波动性和供应碎片化持续，交易者将继续提取价值，但市场在地缘政治条件变化时仍然容易出现剧烈反转。</p>
</div><p>---</p>
<div class="lb-trans"><p>---</p>
</div>

Commodity traders reap billions as Iran war drives oil market volatility (ps. its the job)

Investinglive

油气开采 ETF - SPDR

美国油气勘探与生产 ETF - iShares

2 倍做多彭博原油 ETF - ProShares

博时中证油气资源ETF

油气服务 ETF - Market Vectors

国泰中证油气产业ETF

美国 WTI 原油 ETF

炼油公司指数 ETF - VanEck Vectors

标普油气设备与服务 ETF - SPDR

能源业 ETF - SPDR

美国石油设备与服务 ETF - iShares

FGX原油

美国布伦特原油期货基金

汇添富中证油气资源ETF

能源业 ETF - Vanguard

Mercuria Holdings Co., Ltd.

商品交易商在伊朗战争引发油市波动时赚取数十亿美元（ps. 这是他们的工作）