London, May 15, 2026, 09:09 (BST)
Glencore plc’s ambitions in U.S. gas trading picked up real traction on Friday, as Caturus signed off on building the Commonwealth LNG export plant in Louisiana, securing $9.75 billion in project financing. The facility, slated for 9.5 million tonnes per year, targets a 2030 startup. Glencore is on the roster of long-term buyers.
This isn’t just another cargo for Glencore. The company is locking in future U.S. Gulf Coast supply just as liquefied natural gas, or LNG — gas cooled to liquid form for shipment by tanker — takes on a bigger role in global energy flows.
The final investment decision marks the official commitment to construction, shifting the contract from planning into scheduling. For Glencore, it’s about keeping options open—cargoes can go wherever demand and prices line up.
Mubadala Energy, which holds a 24.1% stake in Caturus, reported that total commitments for the financing reached $21.25 billion. Ben Dell—Kimmeridge’s managing partner and chair at Commonwealth LNG—called it a “landmark occasion” for the “wellhead-to-water” project. Mubadala also listed Mercuria, PETRONAS, and Aramco Trading as among the offtakers, buyers lined up for future output. WAM
Back in April, a filing reviewed by Reuters revealed that Glencore signed on for another 1 million tonnes per year from Commonwealth, extending their deal to 3 mtpa under a 20-year agreement. That bumps Glencore’s share to almost a third of the project’s targeted export output.
Investors shrugged off any straightforward buy cue. Glencore shares slipped 2.75% to 579.50 pence, according to Cboe Europe real-time data, despite logging a 42.78% gain so far this year.
Plenty for investors to chew over after a hefty rally. Glencore’s newest production report leaves its 2026 outlook steady, with Chief Executive Gary Nagle noting that first-quarter marketing results are tracking above pace—potentially topping the high end of the business’s adjusted EBIT target range of $2.3 billion to $3.5 billion. Adjusted EBIT refers to profit before interest and tax, minus select items.
The Caturus deal is right in line with that narrative. This isn’t a fresh copper mine, and there’s no bump to output coming next quarter. What Glencore gets here is a stronger grip on physical cargo—exactly the sort of leverage that counts when supply snarls hit, shipping is under strain, or regional gas prices start to diverge.
Plenty of competition surrounds this deal. Mercuria stands out as a direct trading rival, PETRONAS injects Asian appetite, while Aramco Trading leans on the weight of Saudi Arabia’s state oil giant. For Glencore, the real advantage isn’t just about making the buyer roster—it comes down to where it can actually move those cargoes once the plant is running.
But timing is the wild card here. The plant won’t deliver for years, and what looks like a solid 20-year offtake now could turn sour if construction drags, expenses outpace projections, regulation tightens up again, or gas price spreads compress. A contract brings access—not certainty on profit.
So, Glencore secures another foothold for its energy trading arm, even as the wider business continues to rely heavily on copper, coal, and marketing gains. Still, shares slipped—investors are signaling they’re after real cash returns, not just fresh deals.
