Eni Pursues Trading Partnership to Capture Commodity Spread Revenue

Eni is evaluating a joint venture with commodity trader Mercuria to re-enter oil and gas trading after scaling back the business years ago. Shell and BP generate material margins through trading desks that profit from price swings and physical arbitrage rather than outright commodity price moves alone. A JV structure would give Eni immediate access to Mercuria's infrastructure and counterparty networks without the years-long build of an internal desk.