The HC Commodities Podcast

Emergency Pod: Nick Kumleben of Greenmantle, the geopolitical risk consultancy headed by Niall Ferguson, joins us to discuss the events in Venezuela, the 'Donroe' Doctrine and what it means for commodities. Is Venezuela an oil story or something else? Is the Donroe Doctrine a structured, intelligible set of principles or just a catchy phrase coined by a New York tabloid ? Intelligible or not, what does it mean for adversaries, allies (Denmark and Greenland?) and the rest of Latin America. Commodities once again sit at the heart of global power politics and it's through that lens we investigate. And what...

Today, we are talking coffee, cocoa and sugar. And in the case of coffee and cocoa, the absolute wild ride they had in 2025.Record prices and extreme volatility. Was it all just a story of tariffs? Or is there something more fundamental going on? Our guest is Kona Haque. Head of Research for ED&F Man, one of the world's largest soft commodity traders that has recently been acquired by Hartree Partners

For a special episode we have the recording of a webinar, David Tannenbaum, the Director of Deep Blue Intelligence, and Carmella O’Hanlon from Blank Rome, discuss the US Coast Guard’s seizure of the Skipper, a Dark Fleet vessel, the legal basis underpinning it, and how the administration can enact a “blockade” of Venezuelan oil. They also discuss examples of typologies and red flags relating to Venezuela’s Dark Fleet, a what comes next. Please note: This taping occurred prior to the administration’s seizure of the Centuries and Bella 1, two other Dark Fleet tankers, on December 20th and 21st res...

As we come toward the end of the year, what is the global macro-economic picture. What have been the key themes in 2025 and how have they manifested in energy and commodity markets? And what can we divine about 2026? Are we in for stagflation? Boring commodity markets or is this the calm before the storm….? Our guest is David Fyfe, Chief Economist of Argus, the independent energy & commodity price reporting agency and intelligence firm.

As we begin to wrap up the year, we return to the crude markets. What has been oil’s journey in the latter half of 2025? What has all this meant for trader performances after a challenging first half? What is the outlook for 2026 in prices and volatility? Our guest is Homayoun Falakshahi. He leads crude analytics at Kpler, the data and analytics firm for the commodity markets.

In this episode we return to Singapore and commodity trading in Asia. Is Singapore still a must -have hub as part of a global commodity footprint? What are the key commodities traded there? How do those markets differ from Europe and North America? How has the broader Asia-Pacific region fared over the last decade? And what are some of the key challenges, both market and cultural to doing there? And what might the future hold? Our guest is Ian Lawson, who's had a multi -decade career in trading and origination, including heading those functions in Singapore for the likes...

Today, in time for the US Thanksgiving, we discuss wine. From rare Burgundies to commodity wine that is shipped in containers and blended. What is wine? How is it made? What is the market structure and how has that changed with internationalization, changing tastes and climate change. And why is English wine ascendant? Our guest is Nick Brewer, former COO of Noble Group and ECTP and now founder and owner of Oastbrook Winery (where you can stock up for Christmas here https://oastbrook.com/online-shop/).

Today, we are talking agricultural markets and the case for investing in agricultural commodities, particularly in ETFS. And why that case is enhanced in the volatile world of today and the perhaps much more volatile world of the future. Our guest is Jake Hanley, Managing Director at Teucrium, a US -based ETF issuer with a specialisation in agricultural commodities.

Why don’t more energy & resource companies have trading arms? For that matter, why don’t more sectors trade? Chips, drugs even real estate? Why are CEOs reticent to set up trading platforms and what are the barriers to entry? What sectors would benefit most from trading? And more broadly, how have those firms who have launched trading arms in the energy and commodities trading sector fared over the last five years? How has this development both changed and shaped the opportunities out there? Our guest is Antti Belt, Partner at BCG, focused on commodities, and also a research fell...

In Part 2, Mark Crandall relives the events that led to the founding of Glencore and Trafigura. Why did Claude Dauphin go his separate way and what was the founding vision for Trafigura? How had Marc Rich already set the vision for the trading houses which would lead to their domination? How has that dominance led to almost insurmountable barriers to entry for aspiring competitors today? And what was it about these singular individuals that led to their success?

Our Global Our Middle & Back Office Salary Report 2025 is now available for purchase. Published by HC Group's Talent Intelligence team. the report covers salary benchmarks for Risk, Legal & Compliance, Corporate Finance (includes STF/Treasury), Finance & Accounting,Technology
& Human Resources positions across all commodity trading hubs. The report, created using proprietary data, is designed for HR leaders and company officers to calibrate salaries in this competitive market as we head into business planning for 2026. For more information, visit https://www.hcgroup.global/energy-trading-report or email intelligence@hcgroup.global

Today, we're joined by Mark Crandall, one of the founding fathers of the modern trading house and the commodities sector as we know it today. Mark started his career at Morgan Stanley, where he helped launch its commodities desk, before joining Marc Rich & Co. Mark went on the have a pivotal role in, and ring-side seat to, the machinations that lead to the founding of Glencore and Trafigura. In Part 1, we cover his early career leading up to the famous split at Marc Rich & Co. We discuss the rise of the Wall Street Refiners and what made Marc Rich...

On October 1st, at HC Group’s Headquarters in London, host Paul Chapman interviewed Colin Bryce and Adi Imsirovic about their new book – Rivers of Money - in front of an invited audience of 100 friends, former colleagues and industry veterans. Why did they write the book, what stories and insights stand out and who received a pickled pig’s head at their desk (it later transpired the sender was in the audience)? Which other stories had to be left on the cutting room floor and what are the biggest risks the industry faces today and in the future? If you wa...

HC Groups’s Q3 Market Review is available to download here: https://www.hcgroup.global/insights/market-reviews/access-market-review-q3-2025

400+ notable people moves. An editorial by podcast host Paul Chapman on US talent in turbulent year to date. Articles on APAC liquid fuel trends and how participants are recruiting and training Gen Z and much more.

You can also download www.hyperionsearch.com Cleantech and renewables review here: https://interactive.hcgroup.global/hyperion-search-market-review-q3-2025/full-view.html

Today, we are joined by the award -winning author Mark Kurlansky, whose books such as The Big Oyster, Paper, Salt and Cod tell us how commodities have shaped history and in turn the present day. Why commodities sit at the very heart of human history creating cooperation, trade but also war. Mark shares his views on the books and how they fit in with the current world, his views and philosophy on free trade, and how that might be in jeopardy and what his future books porjects are.

The HC Commodities Podcast was invited to host a panel at the excellent Argus Global Markets Conference in London on September 30. We discussed how the commodities world is adapting trading strategies to markets now driven by Truths Socials, algorithmic sentiment, shifting geopolitics and increasing government intervention. A world where the fundamentals of supply and demand are only part of the picture. Is this new or just a reversion to a more normal world? Is it cyclical or structural? What does it mean for skillsets and participants? Our excellent panelists discuss: Saad Rahim, Chief Economist at Trafigura, David Fyfe, Chief...

What actually is systematic trading and the capabilities behind it? How can it generate returns? How can it inform the broader trading desks and organization's decision making? How is it delivering a competitive advantage and strategic edge to companies behind those returns? What have been the developments over the last couple of years? And how is such trading shaping the markets themselves? Our guest is Hans Balgobin, who has had a career as a systematic trader and building systematic trading platforms both in equities and energy, with the likes of HSBC, Shell and Millennium and is now joining Uniperin...

Recorded at the Canadian Crude Oil Conference in the wonderful Lake Louise in Canada on 17th September 2025, Randy Ollenberger of BMO Capital Markets, dives into global oil fundamentals, Canadian crude production in a changing world and what that means for oil and gas equities. Sanctions, tariffs, pipeline expansions and Canadian politicians (reacting to a very different relationship with the US meant) has led to profound changes and opportunities in this once quiet sector. Our sincere thanks to the Board of the CCOC (www.ccoconline.com) for the invitation, and in particular to Aarnoud van Weelderen for his support.

In this episode, we tackle disputes, arbitration, and the challenges of navigating a fractious commodities world. Energy and natural resources have always sat at the heart of international transactions and, in today’s more volatile climate, disputes are arising more frequently. What happens in international contract disputes? What is international arbitration? And how can companies best mitigate the risks upfront? What are the most effective strategies for handling disputes and arbitrations once you are in them?
Our guest is Alex de Gramont, Partner and Head of International Disputes at Womble Bond Dickinson, an international law firm with a st...

As we enter the planning season, we consider why business planning in the commodity sector is so challenging. And how uncertainty and a more volatile world has made it even more so? What can organizations do to build in resiliency and flexibility into planning and what tools are available to better manage the downsides and also capture opportunities? Our guest is Savvas Manousos. Savas has spent a long career building and running trading platforms and is now a partner at Enco Insights, a global advisory network dedicated to energy and commodities. As an Enco Insight Partner, Savas and his...

Today, we return to the subject of investing in the global commodities markets. What are the key narratives out there on Main Street, Wall street and K Street and how are they shaping opportunities? How can you sort narrative from thesis? How does policy volatility and geopolitical volatility impact investments? And in a potential return to 1970s -style stagflation, what does that mean for commodities and portfolio theory? Our guest is Shaia Hosseinzadeh, Founder and Chief Investment officer of OnyxPoint Global Management LP, an alternative asset manager focused on businesses serving the commodities sector.

For more on...

Colin Bryce joins us to discuss ‘The Rivers of Money: Social and Economic History of Modern Oil Trading’, which he co-authored with Adi Imsirovic. Both authors participated in oil trading during its pivotal years and through knowledge of the industry, experience and contacts bring to life this period in rich detail creating a unique book, blending reportage and economic history. Why did London become the epicenter of physical oil trading? Why did Wall St look so different? Why did Singapore become the Asia hub of commodities? What are the origins of the trading houses and how did they come to d...

Today, we discuss three critical minerals to illustrate, and challenge or reinforce the common narratives out there, the intractable problems those supply chains face - even with projected soaring future demand. And consequently, the influence these elements have on geopolitics and economics. Influence that is only growing. We're talking Yttrium, Rhenium and Graphite and each one tells a different story about our modern economy about the critical mineral supply chain and pricing and some of that challenges that poses to governments, companies and us as individuals. To tell those stories we are rejoined by Ellie Saklatvala, Head of Metals...

Today, we're joined by Doomberg, the most popular energy and commodity focused sub-stack. He and his team publish over 90 articles a year on the intersection of global energy and commodity policy, geopolitics, risk and technology. Today, it's Doomberg unleashed. How close are we to World War III? Are we already in it? What does that mean for the energy and commodity supply chains. How sanctions and tariffs not only reshape global commodity flows, but also weaken the West, and what the “One Big Beautiful Bill” means for American industry and the energy transition, and much more. Always a challenging and...

Chip War: How semiconductors became the new oil with Chris Miller Semi-conductors, microchips, are the new oil - the scarce resource on which the modern world depends. Today, military, economic, and geopolitical power are built on a foundation of computer chips. This has only accelerated with the emergence of AI. Yet, the supply chain is incredibly concentrated with just a handful of countries and companies dominating. As with oil in the previous century, chips sit at the center of geopolitics, great-power rivalry and trade, especially between the US and China. How did chips become some crucial and their supply...

Today, we do a deep dive into the role and challenges of a transaction lawyer in the energy transition. And why lawyering in the energy transition is lawyering on hard mode? What are the  sources of complexity? What are the pain points about getting a project developed? How has current policy volatility impacted the energy transition particularly in the US? And what might the future hold? Our guest is Daniel Anziska.Daniel is an infrastructure and regulatory lawyer and partner at Troutman Pepper Locke ,a leading US energy transition infrastructure law firm. 

Today, we investigate the intersection of the energy transition, critical minerals and defense. As with commodities, warfare is also going through rapid and profound change, with the electrification of defense over the last 20 year. Batteries proliferate the battlefield and the energy transition is impacting national security. We are seeing the shift from capital assets to small, cheap weapons such as drones that can have profound impacts. This poses a particular problem for the US, where energy dominance has been based in hydrocarbons along with their warfare fighting capabilities. Now in an electrified battlefront, supply chains that support them sit...

In this episode, we discuss the impact of conflict and war on commodities markets through the lens of a brand new book by Dennis Voznesenski: War and Wheat. Dennis is an agricultural economist at the Commonwealth Bank of Australia and prior to that at Rabobank. Thoroughly researched, War and Wheat tells the story of how the agricultural markets fared during World War I, World War II and the recent Russian invasion of Ukraine and elucidates key learnings on how commodity markets function and how commodity traders can better navigate the more volatile times ahead.  The book is available here: h...

HC Group's Q2 Market Review - our quarterly magazine covering people trends, moves and analysis from within the global energy & commodities sector is available for download.

Visit:https://www.hcgroup.global/insights/market-reviews/access-market-review-q2-2025 

Likewise you can download Hyperion Search's clean tech and renewables here: https://hyperionsearch.com/

In 2024 the Lithium market saw huge price drops related to oversupply, a slowing EV adoption rate globally, as well as macroeconomic headwinds. Is this a pause or a more structural challenge? What is the long-term demand picture? How does geopolitics fit within that? Does technological change threaten the outlook? And in such a volatile market, why is risk management essential? Our guest is Caspar Rawles, Chief Operating Officer at Benchmark, the Independent Price Reporting Agency for Critical Minerals, including Lithium,  which will soon be launching three Lithium futures contracts with the Intercontinental Exchange, ICE. What are those co...

Today, we return to the subject of commodity supply chain policy, permitting and regulation and policy in the US, with the One Big Beautiful Bill going through reconciliation. Less public, but no less momentous, we cover  the Seven County Infrastructure Supreme Court decision, which may herald Sea change in how new energy and mining projects can get underway to meet both the growing energy demand but also the need for robust and resilient supply chains in the energy transition. Returning to the show is our guest, Peter Stahley, Senior Vice President at Cassidy & Associates, the bipartisan governmental relations firm, w...

Today, we return to the subject of investing in commodities, this time from an equities angle. How has the sector performed over the last couple of decades and how much diversification does it offer?  How do you analyze and discover value in the sector? And are investors returning and how best to navigate investing in such a rapidly evolving sector? Our guest is Matt Zabloski, founder and chief investment officer of Delbrook Capital Advisors, a Vancouver-based fund manager, focused on alternative investment strategies in the metals and mining sector. Matt has had a long career investing in energy and n...

Today, we return to energy and AI. What will AI mean in terms of global energy consumption up to 2030 and beyond? And could that be offset by efficiencies and transformations generated by AI in our daily lives? Could AI even accelerating the energy transition? To do that, we are discussing International Energy Agency's latest paper -  Energy and AI (https://www.iea.org/reports/energy-and-ai). A comprehensive review and deep dive in AI’s impacts on our world energy map. Our guests are the lead authors, Siddharth Singh and Thomas Spencer. Both are also part of the team that pro...

We discuss the trilemma facing the energy and commodities markets -  between security, affordability, and sustainability, what now matters in policy and investment decisions? In the previous US administration and in Europe, sustainability was a key policy driver. Under the new Trump administration, and indeed globally since Russia's invasion of Ukraine, security has come to the forefront. How should organizations think about these three facets? How is the world changing and what does that mean for the energy and commodities sector? Our guest is Clay Seigle, Senior Fellow in the Energy Security and Climate Change Program at the Center f...

If uncertainty is the new normal – how can the commodities markets and participants adapt? What does that mean for costs, supply chains and people.  In May we held our latest Live Event in London, in partnership with ITFA. The event was hosted by Aon, with additional sponsorship by Atradius, Brown Brothers Harriman, Coface, Natixis Partners, Pole Star Global, The Mercury Group and RESCOM. Our panellists debated themes including the sources of uncertainty, and what it means for markets, prices and participants. What are the impacts of tariffs and geopolitical tensions? What is the state of the t...

Today, we discuss credit risk and stress testing in volatile and uncertain times. What is the function of credit risk within the commodities sector? How crucial is it? What does good look like - how best to organize, lead and deliver it? And what do we mean by stress testing? And how can organizations make themselves more robust for the future? Our guest is Jan-Peter Onstwedder. Jan-Peter has been head of commodity risk groups for global banks as well as at trading organizations and is now  an Enco Insight Partner. As an Enco Insight partner, JP is providing independent, p...

Today, we return to the subject of Renewable Natural Gas, which could be as much as 15 % of global natural gas supply by 2050, offering significant advantages both in its carbon intensity as well as driving a powerful circularity, capturing waste methane that would otherwise go into the atmosphere, driving biodiversity and providing significant optionality in trading. What is RNG? Where does it sit today in terms of  global policy support and participants and what does its future hold? Our guests are Warren Feather and Ben Kruger. Warren was a Managing Director of Cargill and led their global oilseeds processing and re...

Today we return to the oil market, a market that is in flux, both from a traditional supply and demand picture, but that is now also embroiled in geopolitics, an uncertain global trade environment and a potential recession. Is oil going lower for longer? And what about volatility? The last month or so has seen a dramatic return of volatility and associated results for traders, positive and negative. Is that set to continue? Our guest is Matt Smith, lead energy analyst for the US at the data and analytics company Kpler 

Since 2017, the West’s awareness of its strategic vulnerabilities in critical minerals has been growing – yet in reality little progress has been made. How have various policies progressed or hindered the development of a domestic supply chain in the US and the West more broadly? What is the new Trump administration's approach to critical minerals? How is that impacting former efforts like the Inflation Reduction Act? And what does it mean for China and its response? Just how close are we to experiencing an outright scarcity on these critical minerals in the US and the West? And what would that...

Today we're releasing an episode outside of our normal schedule on tariffs and those on metals in particular. What tariffs are in place on metals and critical minerals? What has been the response particularly from China? What is the legal underpinning of those tariffs and how does that create uncertainty? What are the administration’s goals? And what does it mean for contracts? What does it mean for M&A? And what does it mean for markets? Our guest is Guy Winter, partner at Fasken, the global law firm, in their Global Mining Group. Guy is also on the ad...

Today we're releasing an episode outside of our normal schedule on tariffs and those on metals in particular. What tariffs are in place on metals and critical minerals? What has been the response particularly from China? What is the legal underpinning of those tariffs and how does that create uncertainty? What are the administration’s goals? And what does it mean for contracts? What does it mean for M&A? And what does it mean for markets? Our guest is Guy Winter, partner at Fasken, the global law firm, in their Global Mining Group. Guy is also on the ad...

In Part 2, we continue our discussion on navigating the new Trump Administration. Why are metals and critical minerals central to the administrations agenda? What does it mean to prioritize security over economics and sustainability?  How to manage the inherent internal conflicts between co-existing policies and statements and what the trading opportunities might be for the energy & commodities sector.  We welcome back with Nick Kumleben, the Energy and Commodities Director at Green Mantle, the geopolitical and macro advisory firm that weaves in historical context to help organizations understand the current markets and opportunities within them.

The commodities sector faces a new and uncertain world.  In this episode, we look at how to understand and how to navigatethe new Trump administration and its impact on domestic and global markets, particularly around energy and commodities using analogies from history.  What is signal…and what is noise.  Our guest is Nick Kumleben. Nick is the energy and commodities director at Greenmantle, the advisory firm founded by Niall Ferguson, focused on geopolitical and macroeconomics, taking a deep understanding of history, to learn the lessons that can be applied to today's world. They advise funds, traders, and governments.

Duration: 00:46:55

Head of Talent Intelligence for HC Group, Amelia Chahal, joins us to discuss their offering and the Global Energy Trading Compensation Report 2025 available for purchase.

To register interest in the report visit: https://www.hcgroup.global/energy-trading-report

HC Talent Intelligence provides critical and tailored talent data insights for our clients across global energy and commodities markets. The platform was created to address the growing demand for real-time, accurate, and credible talent market data. Their mission is to help organisations make informed decisions on everything from minor compensation adjustments to large-scale workforce and operational transformations.

In this episode, we stress test and challenge some of the key recent narratives in the energy world. Will we still see peak oil demand by 2030? Is there under investment in oil production that could lead to energy shocks in our near future? And is the energy transition dead, alive or somewhere in between? Our guest is Jarand Rystad, CEO and founder of Rystad Energy, the independent research and energy intelligence company, providing clients with data, insights, and education that better empowers decision making.

Today we are focused on China and its oil market. How has their oil sector developed over the last 50 years? Who are the teapot refiners? And how is the market now structured in the wake of COVID, sanctions and the EV revolution? How consequential is China now to global crude pricing and market dynamics? Our guest is Tom Reed, Vice President of China Crude at Argus Media, the independent price reporting agency. Tom has spent a career watching China, understanding the details from this very opaque but consequential market.

Once again, we attended (Www.hcgroup.global) the Financial Times Commodities Global Summit in Lausanne. Leaders in the commodities sector gather for this excellent event to share their views on the state of the sector. Host Paul Chapman provides his reflections on the key topics that drove conversations and presentations. 

Today we're talking about data centers and the global arms race to develop them. What is driving that demand? What are the demands of the AI sector and how is technology changing to meet it? And what does that mean for the twin imperatives of both providing the energy to run the data centers as well as to cool them? How is the energy sector going to meet those demands and what opportunities does it generate? Our guest is Adam Mirick. Adam is head of strategy for Prometheus Hyperscale, who are developing the next generation of data centers here...

Today we return to the subject of ESG and sustainability. In the wake of COVID, organizations globally made huge commitments around ESG goals. Sustainability teams were hired and grew rapidly. Today, we face a global vibe shift in the wake of economic realities, political change and shifting policy. What does that mean for ESG? What does that mean for sustainability? The reality is, in part, it's not going away, but it's certainly more focused on organizational goals and driving customer value. Our guest who helps clients with just these types of issues is Anastasia Kuskova, co-founder and CEO of...

Oil Trading remains the preserve of wealthy industry participants. Few organizations have the means and access to trade the myriad OTC contracts that underpin the markets. However, much as we have seen the democratization of equities and FX markets, could oil and its products go the same way?  What would that mean for organizations, individuals, brokers and markets. Our guest is trying to revolutionize the oil market through just that - it's democratization. Greg Newman, founder and CEO of Onyx Group, returns to discuss

This is Part 2 of our mini-series on Asset-Backed Trading. In the previous episode, we covered the key  reasons and decision points in creating asset-backed trading organizations. In this episode, we draw on the experience of Savvas Manousos and Niels Henrik Lindegaard on the key learnings and challenges that arise in implementation. From the inevitable challenges and even crises that arise and, ultimately, the two key roles of any leader - how to build a high -performing team and how to execute on a strategy with the flexibility and resilience needed in a more volatile world. Savvas Manousos spent 25 years w...

On February 6, host Paul Chapman was invited to be on a panel at the Argus Crude Summit Americas in Houston. Moderated by Matthew Oatway, Peter Keavey, Global Head of Energy and Environmental Products at CME Group and Paul discuss the changing landscape of crude oil trading – especially the rise of Asset Backed Traders and Hedge Funds. What does that mean for how makets trade and the people who trade them. 

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In Part One of our miniseries on Asset-Backed Trading, Savvas Manousos and Niels Henrik Lindegaard  join us to discuss why commodity producers, refiners and wholesalers are developing value-chain optimization through trading and the basic building blocks.  What are the key drivers behind this global trend? What are the key decision points around people, platform and operating model? What approaches and resources best ensure success? Savvas Manousos spent 25 years with BP before developing global Asset-Backed Trading platforms at Reliance, Maersk and CEPSA. Savvas is now an Enco Insight Partner at HC Group’s sister company Enco Insights, providing independent, peer-to-peer, advi...

In this episode, we dive into Liquified Petroleum Gas trading. What is LPG used for, where is it produced and how has the market developed since the advent of shale? How is trading LPG different from other commodities  and what does it herald for other fuels? What is its role in the energy transition and what is its future? Our guest is Jack Nugent. Jack brings a unique perspective. From his early days in LPG broking, to living and working in both Europe and Asia as a LPG trader, he later co-founded his own successful LPG trading company. Jack i...

Today we return to the fuels industry. What is the latest in global fuel supply and demand? What is the impact of ongoing electrification on fuel demand? Have we seen peak gasoline demand even in the US? And how is AI and technology changing fuels trading and the convenience industry that attaches to it? Returning to the show is Doug Haugh. Doug has over twenty five year’s experience working in the energy, technology and convenience retail industries. He serves on the board of Bioblend Renewable Resources, Trux  and Ergon and Board Chairman at New Tide AI

For...

How did seed oils and biofuels fair in 2024? Wild price swings dominated as the markets reacted to changing yields and biofuel demand. At the same time, the markets braced for a change in the US administration and the policies left ill-defined by the previous one. Why did the US suddenly become the world’s largest Used Cooking Oil importer? What could 2025 bring?  And what will the Trump Administration bring – not least with RFK’s views on seed oils and health? Returning to the show is Walter Cronin. Walter is the co-founder and president of White River Nutrition, a soy process...

Another global commodity, present in our daily lives, without an established price index or futures contract, with a unique supply chain: Tea. How does Tea reach our tables? Where does tea come from? How does it trade? And how is the tea market navigating climate change, ever lower prices and changes in demand? Indeed, which nations drink the most tea? Our guest is Jem McDowell, Vice-President of Trading  and Universal Commodities (Tea) Trading Inc. Jem is based in the US but has had a global career in trading tea.

For producers, refiners, processors & miners building a risk management and trading capability is moving from a value-add to a ‘must have’. However, building such a capability is a challenge, requiring a clear plan to win, constant communication and the right operation model and systems. Over the last 5 years some transformations have succeeded, others remain stalled. What are the key accelerators and derailers in such a process? What are the people implications – both the required leadership and the skill-sets needed. Our guest is Talis Bennett-Verschure, Director of Commodity and Energy Trading at the management consultancy Baringa, who has been at the fo...

Ten percent of the global tanker fleet has gone dark and the number is growing. What is the Dark Fleet? Why does it exist and why is it growing? Who is using the fleet and who owns it? What are the risks for the market, the environment and traders? And what does a shadow fleet mean for world security and criminal enterprises? Our guest is David Tannenbaum, Director at Blackstone Compliance  Services, a sanctions and anti -money laundering advisory group, providing support to financial institutions and commodity trades alike and a Partner at Polestar Global, a sanctions and maritime i...

A brief final episode of 2024. Host Paul Chapman reflects on some of the key themes of the year, offers his deepest thanks to listeners, guests and his colleagues at HC Group (www.hcgroup.global) and Enco Insights (www.encoinsights.com) and looks at the coming year and goals for the podcast. 

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A still timely discussion as the Federal Reserve comes under pressure to decrease rates... How low interest rates since the financial crisis have caused inequality, populism and inflation. Christmas re-release of one of host Paul Chapman's favorite discussions. 

Award-winning, financial journalist and historian Edward Chancellor join us to discuss interest rates and the impact on the commodities sector. Interest rates – the price of money and time – have been unnaturally low since the global financial crisis. This has led to a profound impact on finance and society. Global corporates found financial engineering more “profitable” than focusing on products and opera...

The skillsets required to be in a commodity trading team have always been evolving. However, that evolution is accelerating in the wake of new technologies and especially AI. In this episode we trace the changing roles and skills traders have needed over the last century and what the future holds as AI becomes ever more involved in the day to day activities of a trading desk. What are the skillsets of the past and their future? Are they fundamentally different? How is AI already affecting teams?  And how will AI shape the teams, careers and opportunities within the sector?  Ou...

Will nuclear fusion change the world and if so how far away is it? What is fusion power? What are the technological, regulatory and financial developments that are accelerating our path to it? What has changed that has meant private companies are now racing to develop it alongside governments? And what will it mean for fusion power to be deployed at scale. Our guest is Jay Brister, an independent investor and consultant with over 40 years experience in the nuclear sector who has focused on fusion over the last five years

Award winning journalist and author, Vince Beiser, joins us again to talk about his new book; Power Metal: The Race for the Resources that will Shape the Future. The energy transition consumes immense amounts of critical metals and minerals. What are the trade-offs being made in mining and processing them? How and where is recycling of these metals ongoing? What are the human stories and impacts behind this enormous industry and what might the solutions be to make the transition more sustainable and achievable? Vince’s book is out and available in all good book stores and published by Pe...

Weather is a key driver in energy markets – from trading in the day ahead markets to weather events that can disrupt operations for months on end. Accurate forecasting has always been an edge. New technologies are making some aspects of forecasting ever more accurate. At the same time, climate change is making extreme events more frequent and significant. What keeps a meteorologist up at night? Why do energy traders employ meteorologists? How is technology changing the profession? Our guest is Matt Lanza, who has over 20 year’s experience working on trading floors as a meteorologist .

In the wake of the energy crisis and the demands of the energy transition, the EU has enacted a series of regulations, and considering more, in the European energy markets. These will bring changes to how power, carbon and gas markets operate and some proposals under consideration could have profound effects. What are these changes? What is the impact on how markets operate and the opportunity for participants?  And are we entering a period of re-regulation and intervention after the steady march of liberalization over the past 25 years? To discuss this and more is our guest Bart Verest, the L...

Metals have had an interesting year so far. Prices have been volatile along with sentiment and narratives. Trading Houses have been rapidly expanding metals trading teams and funds have piled in. In this episode, David Wilson, Senior Commodities Desk Strategist at BNP Paribas Markets 360, takes an in depth look at the reality behind these trends across copper, aluminum, nickel, gold and the battery metals in 2024 and what that may presage for 2025.

May you live in interesting times - as the proverb goes. Will those times continue? On October 16th, at the Yale Club in New York City, we held our latest Live Event hosted by ITFA with additional sponsorship from Brown Brothers Harriman, The Mercury Group, Goba Capital and HC Group. The commodities sector has seen unprecedented volatility. What has that meant for the sector’s ecosystem? How has it shaped the opportunities and risks? Is the volatility structural or ephemeral? A group of leaders from across the sector  joined our panel to discuss in front of an audience of 150 ind...

In mid -November, in Azerbaijan at COP29, momentous decisions could be made that would advance the carbon markets globally. What are they and what are the chances of that happening and what is the state of the carbon market today? Our guest is Nick Marshall, co -founder of TASC, a project developer focused on channeling funds into carbon reduction projects around the world.

Commodities sit at the heart of global trade and as such are at the center of the rise of protectionism. After a long period of globalization and ever freer trade, there is a perceptible and growing shift back to mercantilism and protectionism. This is driven by great-power competition with the energy transition being a key driver. Tariffs, sanctions and direct market intervention are ever more commonplace. To discuss this trend, its causes and its impact on our sector is Alex Tuckett, Head of Economics at CRU, the independent commodity analytics, consulting and pricing agency.

Utility scale batteries are proliferating across Western power grids, particularly in the US. And far more are set to come. These batteries offer the ability to manage grids, especially with the influx of renewables, or make economic returns on trading around them. Yet, their very presence is changing the dynamics of power markets. What are these batteries, where are they placed and who owns them? How and who trades around them and what do they mean for the future of power markets? All this and more is answered by our guest Casey Keller, Head of Assets and Development at...

Russia’s full scale invasion of Ukraine in February 2022 triggered an avalanche of economics sanctions by the West. What followed was an undeniably world-changing financial experiment that risked throwing the world into a devastating recession, testing the very limits of economic warfare and Western cohesion. Commodities sit at the heart of this story with profound ramifications for the global sector. But is it succeeding? Our guest is Russia expert and veteran Bloomberg investigative journalist Stephanie Baker who’s new book - Punishing Putin: Inside the Global Economic War to Bring Down Russia - explains in fascinating detail how this furi...

Over the next two years, the US is set to export some 12bcf/d extra of LNG. What does this mean for the US market? Where will it go? And can supply keep up? Will there be sufficient demand in Europe? And what does this mean for traders - is a global footprint now a must?  Are the gas markets entering a new truly globalized era where US supply sets the price? All that and more is discussed in this special live event recording of The HC Commodities Podcast held on September 19th in Houston. The event was hosted b...

Shale Oil & Gas has turned the US into an energy power house over the last 15 years. Will it disappear as quickly as it arrived or will it set to US apart for years to come? Within its short life, it has evolved quickly and our guest Matthew Bernstein now characterizes it as Shale 4.0. What were the previous iterations in participants, economics and output and what does the future hold? Matthew  Bernstein is the Manager of Shale Analytics at Rystad Energy, the independent energy data and analytics firm.

A commodity close to many of our hearts, but how does it end up in our mugs? Where is it grown, how is it processed and who trades it? How do the derivative contracts work and what might the future hold as climate, geopolitics and consumer tastes evolve? Our guest is Charlie Stephens, President of Amarella Café, an independent specialty coffee trader in the Americas. Still in his twenties, Charlie also shares his story on how he launched his own trading company. 

Is the commodities world lagging behind in AI adoption? And if so, how should the sector’s leadership think about applications and use? What even is it and how is it being used by other sectors? Our guest is Seth Dobrin, CEO of QuantmA1, an AI consultancy and General Partner at 1Infinity Ventures, a VC fund. Seth was former Global Chief AI Officer at IBM and Head of Digital Strategies at Monsanto.

As we head toward the end of the year and into 2025 where are oil prices headed? In this episode we recap the major events and decisions since COVID and the key drivers of oil prices. Then we turn to the outlook for the next two years. What is the supply and demand picture? What could OPEC’s upcoming decision mean – could a new price war start? And what are the potential disrupters in a more volatile geopolitical landscape. Returning to the show is Aldo Spanjer, Senior Commodity Strategist at BNP Paribas.

To attend our upcoming HC Commodities Podc...

Brazil has been steadily deregulating its power market over the last two decades. This combined with one of the largest share of renewables in the generation mix of any advanced economy, alongside hydrocarbon production in the ‘Pre-salt’ off the coast, has made it a hugely dynamic market with lots of opportunity for participants, both domestic and international. What is Brazil’s generation mix and power market structure? How volatile is the market and why? What pressures do participants face? How liberalization survived multiple political changes and what might the future hold? Our guest is Adriana Waltrick, CEO of SPIC, the fi...

Are we seeing a regime change in Europeangas and power markets? Is Europe now entering a period of structurally lower energy prices and economic advantage as its decades long investment in renewables starts to pay off? Will other countries have to go through this journey? What does this mean for power trading opportunities? As we approach winter, is the European Energy Crisis in the rearview mirror? What of natural gas? Huge amounts of LNG are forecasted to arrive on European shores in the coming years. What will this mean for Europe’s gas markets and what’s the impact on the...

The UN predicts global population will peak sometime in 2080s around 10 billion people. Companies, countries (think global social security schemes) and the commodities sector predicates forecasts on these assumptions. Yet, there is a growing body of evidence that these assumptions are far too optimistic and that not only will global population peak earlier but will subsequently decline much more rapidly. Already much of the West and Asia is in decline and replacement rates of falling at an accelerated pace. Is this a long-range risk no board rooms are talking about? Our guest is analyst, futurist and swine consultant Todd...

Global regulators are narrowing their focus on the commodities sector and billions of dollars have been paid in fines. The world has become both more transparent and more risky in the wake of deglobalization, sanctions and the energy transition bringing its increased public scrutiny. The risks are enormous both the companies and individuals. And as such, compliance is an ever more important topic. To discuss compliance, enforcement and best practice is Gerben Schreurs, Partner at the Forensic Risk Alliance, or FRA, an independent forensics firm that conducts investigations, monitorships and compliance reviews, as well as Barry Vitou, Partner at...

show. Jonathan’s new book - Commodity Professionals: The people behind the trade – is a collection of interviews spanning all the professions that create the commodity supply chains. How have these roles evolved in a more volatile world? How are the trading houses fairing since we last caught up with Jonathan?

For more on HC Group visit: www.hcgroup.global

The energy transition is complex. That complexity tends to be papered over with simplifications and beliefs, even myths, both within the sector and the broader public on both sides of the debate. Yet, to make the right investments and decisions as companies and societies, it requires careful analysis and ultimately managing the inherent trade-offs. In this episode, we zoom in on the reality of the energy transition, the science required and the competing philosophies. Our guest is Marco Raugei, Senior Lecturer and Researcher at Oxford Brooks University. He is an Environmental Scientist with a PhD in Chemical Sciences and...

Is the commodity super cycle, long heralded, a mirage? Or, super charged by a capex cycle,  are we just at the start? What is the state of the commodity investment cycle? Why and how has geopolitics and dollar weaponization changed the landscape? If there is a global run up in prices will energy keep pace with metals? What does all this mean for the trading sector and investors? Returning to the HC Commodities Podcast to give his analysis of the commodities markets over the last year, and what the outlook is, is Jeff Currie, now Chief  Strategy Officer of En...

Data is the new the economic engine of the world. Globally, data centers are proliferating bringing their huge demand for energy – especially clean energy delivered reliably. Markets, policy and regulation are still adapting, often too slowly, to the changing energy mix and decarbonization demand. Could data centers be the engines of change to bring our power grids into a renewable ready world? Could this be the energy management opportunity of the decade for power traders? Our guest, Eugene McGrane argues just this. Eugene is an Executive Managing Director at Cushman Wakefield, supporting their power clients across all real estate ca...

In this episode we explore commodities’ role in asset management and portfolio construction? Why should asset managers and investors seek exposure to commodities within their portfolios? What are their historical long-term performance as part of a broader mix of equities and debt? Indeed, are institutional investors currently underweighted, especially as we enter a period of higher inflation and industrial restructuring? Our guest argues they are and outlines why: Hussein Allidina is Managing Director and head of commodities at Toronto Dominion Asset Management.

For more on HC Group visit www.hcgroup.global

Hedging is the basic tool of the commodity trader. Yet, outside that community it is little taught, little understood and underutilized – especially as raw material prices are becoming more volatile in an age of disruption. What is hedging? What are the costs and benefits and why is it not more exploited up and down the value chain. Our guest is Samuel Basi, author of the new book “Perfectly Hedged. A Practical Guide to Base Metals”. Samuel is the founder and CEO of Perfectly Hedged LLC a training consultancy for the sector and a former metals trader at both Trafigura and Gr...

In commodities, the lowest cost producer or shipper is king.This in turn drives siting assets, determined by human factors such as cost, legal and tax regimes and geographic factors like proximity to rivers, coasts, production and markets. However, today the world is becoming more volatile both in weather events and in policy. And in fact locations a few miles apart can have very different risk profiles – with those choosing wisely outstripping competitors as crucial times of disruption.  And those risks are now being mapped down to the precise GPS coordinates. Our guest is someone who is leading the cha...

In this episode, our guest argues that not only is the energy transition happening, it’s happening faster and more profoundly that you can imagine…and it’s being led by China. The ‘age of renewables’ will be very different than the ‘age of carbon’ and the same forecasting assumptions do not apply. The energy transition is being driven by technology, economics, geo-strategy and, of-course, necessity. And the data proves it. Our guest is Kingsmill Bond, Senior Principal at the Rocky Mountain Institute (RMI). Kingsmill’s latest analysis is available in the link in the show notes. https://rmi.org/wp-content/u...

In a deglobalizing and volatile world, sanctions can upend commodity markets overnight. Commodities underpin global trade and are often themselves direct targets of sanctions or swept up in restrictions imposed on trade infrastructure, such as finance and shipping. In this episode, we do a deep dive on the suite of Russian sanctions imposed since the invasion of Ukraine. How do sanctions work? How are they imposed and by whom? What are the specific Russia related sanctions and what are their consequences for the commodities sector? And how should companies prepare for and manage them? Our guest is Sarah Hunt...

In this episode, we are diving into the Japanese power market, which by virtue of its size, generation mix and recent liberalization, is fast becoming one of the most active power markets in the world, attracting a host of domestic and international energy merchants. What is the regulation that underpins the market? How does it function and who are the participants? Who is, and where do you get, the talent to build such a capability. Our guest is Xavier Veillard, Partner at Mckinsey, heading their global power and gas commodities offering.

Western Governments have enacted a slew of policies to support energy security and its transition to a greener future. These policies can radically shift the economic landscape for the commodity sector participants. However, the reality of implementing these policies, from the power lines needed to the mines for critical metals, requires navigating byzantine levels of planning and approval. What does this mean for the West’s ability to compete in the energy transition. What does this mean for commodity traders who have historically eschewed close governmental relations? Why does that need to change? Our guest is Peter Stahley, Senior VP...

To find our more about Enco Insights visit www.encoinsights.com

In this episode, to celebrate 200 episodes and a name change, our host Paul Chapman reflects on the podcast, its goals and development and the back catalogue. A body of work, still highly relevant, that has traced the trends, participants and individual commodities (some old and some new), through one of the most interesting periods in the sector’s long history.

Trade finance is the lifeblood of the commodity sector. Liquidity shrank throughout the last decade in the wake of regulatory changes. Now deglobalization and sanctions, environmental pressures and volatility threaten this key resource. How have the banks responded and what of alternative providers? What does this mean for commodity traders and the markets themselves? Kristofer is the founder of Kimura, an asset management business dedicated to the commodities sector, with a central focus on private credit trade finance.

Kimura host a stable of successful podcasts which you can visit here: https://www.kimuraperformance.com/category/podcasts/

In this episode, we do a deep dive into the dry freight market and how bulk commodities are shipped around the world and by whom. As the commodities markets themselves become more efficient, freight markets are starting to represent one of the biggest sources of risk and opportunity available to traders and charterers. This, in turn, is driving convergence between the traditional separation between ship owners, charterers and the traders. What is the structure of the market for dry freight? How do participants use Freight Forward Agreements? What is the impact on talent? And how could coming technology disrupt...

links to SuisseNegoce commodities review: https://www.suissenegoce.ch/commodities/commodities-2024-en

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Linkes to Artis Works https://www.artis.works/

In this episode, Ariel Perez, Head of Environmental Products at Hartree Partners, returns to update us on the state of the carbon markets over the last two years in a more inflationary and unstable world? Global commodity leaders are calling for a price for carbon – are we any closer? How have compliance markets fared in the energy crisis and Russia’s invasion of Ukraine? Have compliance markets expanded globally? How have voluntary markets fared? What were the key outcomes from COP28 and what does the EU’s Carbon Border Adjustment Mechanism mean for the world? Could this be the cataly...

To attend our HC Insider Podcast Live Event on the Future of Switzerland as a Commodities Trading Hub on April 16th, please RVSP here: https://www.eventcreate.com/e/hcinsider-podcast-geneva

To sign up for our HC Insider Podcast Live Event in Geneva on the evening of the 16th April please RSVP here:https://www.eventcreate.com/e/hcinsider-podcast-geneva

We are discussing the Future of Switzerland as a Commodities Trading hub