Danish Energy Trader InCommodities Expands Into US Gas Markets After Profit Plunge

Goldman Sachs-backed Danish energy trader InCommodities is expanding into U.S. physical natural gas markets after its trading profits collapsed amid fading volatility in European energy markets. The company reported fiscal 2025 pre-tax profit of €2.95 million ($3.41 million), down sharply from €72.5 million a year earlier and well below its original target range of €85 million to €195 million.

InCommodities attributed the profit plunge largely to calmer market conditions that reduced trading opportunities across European power and gas markets. The move into U.S. physical gas markets represents a strategic pivot to capture higher margins in a region where price swings remain more pronounced. For energy traders, the shift highlights how declining volatility in mature markets is pushing firms to seek new geographies and asset classes. Traders can track real-time natural gas price movements on NowPrice's live fuel dashboard to monitor the evolving landscape.

Looking ahead, InCommodities' expansion into the U.S. gas market will depend on its ability to navigate a complex physical trading environment, including pipeline logistics and storage dynamics. The company's performance will also be closely watched as a bellwether for the broader European energy trading sector, which has seen profitability squeezed by structural changes in supply and demand. Key data to watch include U.S. natural gas storage reports and LNG export flows, which will shape price direction and trading opportunities.