Commodity trader Trafigura Group Pte. Ltd. said Thursday the outage at the Freeport LNG terminal in Texas has removed much needed supply and “significant flexibility” from its portfolio, but said the scale of its operations have offset issues and helped it turn in record profits for 2022.

Trafigura, a dominant trader in the global liquefied natural gas market, has a three-year offtake agreement for 0.5 million tons/year with Freeport that expires in March. The plant has been offline since June, when an explosion halted operations. Freeport expects to resume service by the end of the year. 

The trading firm said it was able to capitalize on extreme volatility in the global commodity market following a reshuffle of energy supply flows after Russia invaded Ukraine in...