Danish Energy Trader Opening Houston Office to Grow US Business

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Or sign-in if you have an account.(Bloomberg) — InCommodities A/S, the Danish energy trader backed by Goldman Sachs Group Inc., plans to open a new office in Houston within six months as it expands its US natural gas and power business. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe firm, which has offices in Austin and Stamford, already has five people lined up to work in Houston as it expands access to key energy suppliers. One of power traders — Shashidhar Manduva, who moved from Freeport Commodities — has already started remotely ahead of the new office opening.“The US is the largest market out there right now and is growing quickly — and we plan to become very meaningful, using our tech DNA to scale the company,” Rich Brockmeyer, InCommodities’ chief executive officer for North America, said in a phone interview. The firm also plans to hire “more gas and power traders, originators, structurers and maybe even M&A people,” he said. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInCommodities, in which Goldman Sachs has a small minority stake, last month said it plans to boost physical natural gas trading in North America. The firm was among the traders to use outsized profits generated by the 2022 energy crisis to expand beyond Europe. On Wednesday, InCommodities reported that it’s acquired a portfolio from Spotlight Energy Llc in the US with about 100 of the so-called physical natural gas master trading agreements — contracts used in over-the-counter markets to handle buying, selling and physical delivery. “It’s a very good amount of liquidity — access to most of largest liquidity providers in the space — to take the physical gas trading off the ground,” said Brockmeyer. “We could have built a similar network over time, but it’s a faster route,” he said without disclosing the deal value.InCommodities staff in the US have increased significantly over the past year to about 50 from 30 in 2025, he said. Brockmeyer, Gunvor Group’s former head of North American natural gas and power, was hired last year to help drive the build-out of the US division.—With assistance from Ruth Liao.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.