How did Vitol surpass Shell in US physical gas trading, and what was the scale of its growth in 2025?

Vitol Group overtook Shell Plc among the top 10 US physical gas traders in 2025, according to Federal Energy Regulatory Commission filings; its US physical gas trading rose by 14%, outpacing ConocoPhillips and Tenaska, and second only to Koch Energy’s increase — a growth rate roughly three times the average change among the 10 largest traders.

What distinguishes physical gas trading from financial gas trading, and why is the US physical gas market especially suited to trading houses like Vitol?

Physical gas trading involves transactions in actual molecules of natural gas, unlike financial trading that uses derivative instruments such as futures contracts; according to Craig Pirrong of the University of Houston’s Global Energy Management Institute, the US physical gas market is 'tailor-made for the trading houses' due to its complexity, geographic scope, and interface with international markets via LNG, creating significant optionality in sourcing and delivering gas.

Vitol Overtakes Shell in Ranking of US Physical Gas Traders

May 20, 2026

Vitol Group surpassed Shell Plc among top US physical natural gas traders, driven by soaring demand for power generation and exports, according to FERC filings showing a 14% trading increase in 2025.

bloomberg

2026-05-06

Shell Says Profits Rise as Iran War Boosts Trading and Oil Prices

2026-05-14

Shell’s Government Payments Drop as Brazil Overtakes Nigeria

2026-05-20

Vitol Overtakes Shell in Ranking of US Physical Gas Traders

2026-06-12

Shell Plans $1 Billion Wind Farms Sale in Latest Renewables Exit

2026-07-01

Shell Shuffles Energy Trading Bosses as David Wells Retires