Goldman-Backed InCommodities Targets U.S. Gas Market Expansion

A Goldman Sachs-backed energy trader is preparing to enter North America's physical gas market, signaling a broader push into U.S. natural gas trading as global LNG flows reshape energy markets.

(Reuters) — Danish energy trader InCommodites, backed by Goldman Sachs, plans to expand into U.S. physical gas markets, the company's founder and chairman said as the group announced a sharp decline in earnings for 2025.

The company on June 15 reported a profit before tax for 2025 of €2.95 million ($3.41 million), down from €72.5 million the previous year and falling far short of a stated forecast of €85 million-195 million.

The drop in earnings came from lower volatility and tighter trading margins, as well as from investments into its trading infrastructure and expansion in the United States and Asia, a process that will continue, Jesper Johanson told Reuters.

In 2026, the war in the Middle East has increased uncertainty and changed market dynamics, raising the earnings potential but also creating new risks, he added.

"This year and ahead, we are looking to expand into physical gas trading in North America. That's a big one for us," Johanson said.

With global energy flows becoming more interlinked, especially driven by liquefied natural gas (LNG), having a physical market presence was important, he added.

"On the power side, we are looking to expand our power purchase agreement (PPA) offerings for wind, solar and batteries in Europe. We also see Asia Pacific - Australia, New Zealand and Japan - as important markets for us on the PPA side," he said.

Goldman Sachs and some other investors jointly own a 15% stake in InCommodites.

($1 = 0.8643 euros)