Trading

The global commodities landscape is undergoing a profound transformation. Following a series of disruptive trade measures from President Trump—including sweeping tariffs and bilateral renegotiations—markets are recalibrating across many sectors.

May 2025 delivered a wave of activity across global oil and gas markets, marked by record-breaking derivatives volumes, evolving hedging behavior, and intensifying geopolitical and regulatory undercurrents, reshaping the crude oil and natural gas trading and strategic positioning.

President Trump’s second-term trade agenda has reshaped global trade finance, with rising tariffs, FX volatility, and regulatory uncertainty driving up risk premiums and prompting structural shifts in cross-border financing and complicating contractual structures.

The pandemic and the war in Ukraine disrupted major supplies and pushed food and energy prices to near historic highs in recent years. Consequently, commodity prices became more volatile and unpredictable.