Mercuria Energy America

Mercuria is Geneva by birth, but it runs its entire North American energy business from Houston. The U.S. arm trades crude, refined products, natural gas, power, LNG, LPG and NGLs on the group's own book, blending physical supply and logistics with derivatives and market-making across American energy markets.

It is deepening that commitment physically, with a large new Houston trading floor under construction for the back half of the decade. The build reflects a long-running pattern in commodities: the merchant headquarters can sit in Switzerland while the working center of gravity for U.S. molecules stays on the Gulf Coast.