Commodity trading giant Gunvor Group is exploring fresh investments in U.S. oil and gas assets, a move insiders say could both expand its energy portfolio and help ease tensions with the Trump administration following fallout over its attempted purchase of Lukoil’s foreign assets.
According to sources familiar with the matter, Gunvor has held talks to back new and existing U.S.-based oil and gas producers through financial partnerships and asset purchases. While these discussions have been ongoing, a final deal has not been secured.
Gunvor had previously sought to acquire international assets from sanctioned Russian major Lukoil, but dropped the bid after the U.S. Treasury labeled the trader a “Kremlin’s puppet” and expressed strong opposition. The failed transaction strained Gunvor’s relations with Washington, despite the company’s longstanding U.S. investments dating back to 2012.
“The U.S. market remains a key growth area, and we look forward to significant investments to come across the energy value chain,” Gunvor said in an emailed statement. The company’s U.S. portfolio currently carries an enterprise value exceeding $4 billion.
Focus Shifts to Natural Gas and Shale Assets
Recent efforts by Gunvor appear to be more gas-focused. The trader participated in bidding for Baytex Energy’s Eagle Ford shale assets in South Texas earlier this year. Sources say Gunvor financially backed a bid submitted by Houston-based Percussion Petroleum, although the bid was ultimately unsuccessful. Baytex sold the assets for $2.31 billion to an undisclosed buyer.
Although details remain confidential, Gunvor’s involvement in the deal and its broader ambitions to expand in the U.S. shale sector mark a significant pivot in strategy. Notably, these moves have not been publicly disclosed until now.
Gunvor has also quietly entered upstream U.S. gas production, confirming in its 2024 annual results that it now holds a 42% minority stake in Flywheel Energy, a private natural gas producer based in Oklahoma.
Commodities Traders Target Upstream Assets Amid Gas Demand Surge
Gunvor isn’t alone in the race to build direct exposure to U.S. energy production. Top global trader Vitol pledged $1 billion to support VTX Energy Partners in 2022 after launching Vencer Energy in 2020. Meanwhile, Citadel, the hedge fund led by Ken Griffin, has also been acquiring U.S. natural gas-producing assets in 2025.
Despite a slowdown in overall M&A activity in the shale sector due to weaker oil prices, natural gas remains a bright spot. Analysts anticipate a bullish outlook for U.S. gas prices into 2026, fueled by increasing demand from energy-intensive data centers and the build-out of new liquefied natural gas (LNG) export terminals.
Gunvor’s targeted investments in the U.S. natural gas space appear well-aligned with these longer-term demand trends and could position the trader to play a larger role in the North American energy value chain, while also signaling cooperation with the Trump administration’s push for domestic energy development.
