Goldman-Backed InCommodities Eyes US Gas Market Despite 96% Profit Slump

Key Facts

In a move reflecting long-term strategic confidence within the energy sector, Danish trader InCommodities is launching an expansion into the U.S. physical natural gas markets. The announcement follows a reported sharp decline in 2025 pre-tax profits, which fell to €2.95 million from €72.5 million in the previous year. The firm, which receives backing from Goldman Sachs, attributed the weaker financial results to normalized market conditions characterized by lower volatility and tighter trading margins, alongside heavy infrastructure spending.

This expansion occurs as global energy flows become increasingly interconnected through the LNG trade, prompting major traders to secure physical footprints in key supply hubs. Within the broader financial landscape, peer institutions have maintained steady valuations, with Morgan Stanley closing at $214.04 and JPMorgan Chase at $320.72 per market data (close June 12, 2026). The shift toward U.S. physical assets suggests a pivot toward volume-based growth to offset the compression in trading margins seen over the last fiscal year.

Traders should monitor how these infrastructure investments impact the bottom line of Goldman-backed entities, with GS shares trading at $1062.75 (close June 12, 2026). Upcoming catalysts in the energy space include the API Crude Oil Stock Change report, which may influence broader energy sentiment. Additionally, the upcoming speech by ECB President Lagarde will be critical for assessing the financing environment for European-based firms managing capital-intensive international expansions.