The HC Commodities Podcast

In Episode 300, we take two metals - copper and gold - and compare and contrast their price journey. How does the physical supply and demand story compare to the investor narrative that drove prices to an all-time high? And how has the conflict in Iran test or confirm that narrative. In other words, to coin a term, have we seen the “goldification”of copper and other metals? Our guest is Grant Sporre, a senior commodities and equities analyst at Bloomberg Intelligence. He has had a long career in commodities, both on the sell-side for banks, as well as in operational roles in mining. This is part one. Part two will be recorded live in Geneva on April 22nd for an HC Commodities podcast live event hosted by Bloomberg Intelligence. This is our 300 episodes of the HC Commodities Podcast. Six years of weekly shows undertaking deep dives into the trends and topics with the commodities trading sector. A huge thanks to all of our guests and supporters who have helped us on the journey. Fina Charleson, our tireless editor and the HC Marketing team and, of course, all our over half a million unique listeners that have listened along the way. And we have a new logo to carry us for the next 300. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

As the Iran War entered its fourth week, Houston hosted S&P Global's CERA Week. Where leaders from across the energy & natural resources sector mingle with policy wonks and senior government officials from around the world. This CERA Week was as noticeable for its last minute absences, doom-scrolling, braves faces and some swagger both from big oil and big clean tech. Nick Kumbleben of Greenmantle gives us his take on the vibe and key discussion points. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

500 years ago another group of commodities flowed through the Strait of Hormuz, making those that controlled that vital trade route fabulously wealthy. Those commodities were the spices: nutmeg and cloves. Grown only in two tiny islands in modern day Indonesia and the Philippines, they were worth their weight in gold. Then in 1512 the Portuguese upended that global trade and in so doing created the modern world and the blueprint for how commodity traders operate today (minus the cannons). Joining us is award winning historian Roger Crowley to discuss his latest book: Spice: The 16th-Century Contest that Shaped the Modern World. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

We have moved beyond the duration discussion. The damage has been done and the oil markets will not return to the ante-bellum state any time soon if ever. What happens when financial markets - both for oil and more broadly catch up to the physical reality? Molecule Contagion as our guest for this special episode Jeff Currie of Carlyle puts in. The revenge of the old economy just got teeth and the ramifications are being discounted at best and denied at worst. What are the longer term impacts of the events in the Gulf. Accelerating decoupling, de-dollarization and a shot in the arm for the energy transition. The only safety....HALO stocks. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

With the Strait of Hormuz virtually closed, what does that mean for the regions biggest customer - Asia? Tom Reed, VP of Crude and Products at Argus Media joins us to provide a detailed examination on the impact of Israel and the US's joint attack on Iran on crude and product flows from the region. What were the flows prior to the attack? What has it meant for traders, contracts and customers? Is China tapping its Strategic Petroleum Reserve? And will Asian countries start to ban the export of fuels? For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

Returning today to discuss the latest developments from Israel & US's war with Iran is Nick Kumleben, Director at Greenmantle, the geopolitical risk advisory firm. What are the commodities markets telling us about duration? What are the incentive structures in place? How are traders faring in this period of extraordinary volatility? Is the US Treasury trading and how rumor and innuendo are driving that volatility? What would mines in the strait mean? Would boots on the ground actually lower prices? Why are the equity markets so sanguine? could this, plus a smoldering private credit fund concern, lead us quickly to the global financial crisis? For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

Today, we return to US domestic energy supply and private equity. The vibrancy of private capital markets launched the shale revolution and is now unlocking key bottlenecks in infrastructure as the US looks to meet the world’s demand for LNG and domestic AI. Where is shale production today? Are rumors of its demise overstated? Where is demand headed, particularly for natural gas? And how is private equity faring more broadly in a world of higher interest rates and other macro-economic headwinds? And what are the opportunities within energy and its infrastructure? Our guest is Jason Downie, Co-Founder and Managing Partner of Tailwater Capital, a private equity firm with over 6 billion in capital and a core focus on energy infrastructure. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

Nick Kumleben, Director of the Geopolitical Risk Consultancy founded by Niall Ferguson, Greenmantle, rejoins us to discuss the latest events in Middle East. What are the short, medium and long-term consequences of Israel and the US's joint attack on global trade and commodities. What are some non-linear effects and why ultimately duration is key. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

Today, we discuss how volatility and battery energy storage systems are reshaping clean energy and repairing power markets. What does the domination of clean power do to markets? What are the consequences both for power purchase agreements, battery storage and traders? What are the nuances in different regulatory regimes? How is Europe diverging from the US, and what has happened to the green premium? Our guest to discuss all of this and more is Luca Pedretti, CEO and founder of Pexapark, a pricing intelligence firm for clean energy. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

Today, we review energy supply and demand and some of the key sentiments coming out of International Energy Week, not only about where both those curves are headed, but also key associated risks to each. Are our assumptions correct about energy demand in the world of AI? Are our assumptions correct around development curves, especially in the Global South? Is there a hydrocarbon glut out there? And what about the long term? All this comes to us from Claudio Galimberti, Chief Economist at Rystad Energy, and their recently published House View. Rystad is an energy consulting and market analytics firm with over 40 offices around the world and headquartered in Oslo. The House View is available for download here. https://www.rystadenergy.com/house-view-report For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

AI is already changing commodity trading operating models. And unlocking adjacent technologies such as digital assets and DeFI? That itself is changing the competitive landscape and attracting new participants from outside the sector. Where is that investment going? And how profound is this change going to be? And how quickly is it going to be upon us? Our guest is Eren Zekioglu. Eren has spent a career at hedge funds and at trading houses and at the intersection of trading, operations and technology, including at Glencore and Gunvor. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

Food, fuel, geopolitics, great power competition and trade - Soybeans sit at the heart of it all. What are the big macro trends with the commodity? How has trade and geopolitics impacted it? How has new drugs like GLPs impacted it? And what is the outlook? Joining us once again is Walter Cronin, President and Co-Founder of White River Nutrition, a US soy processing company based in Nebraska, which alongside meal and soybean oil produces high -quality soy ingredients. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

Today, we discuss the importance of energy, what the growing demand for energy means, and how hard it can be to deliver that energy. To demonstrate that, we are using Texas as a microcosm. Texas produces the greatest amount of energy in the US. Its mix of energy spans renewables, nuclear, natural gas, coal, and yet its citizens pay some of the highest prices in the Southern States. At the same time, it's ground zero for hyper-scalers and is the epicenter of fracking yielding epochal volumes of hydrocarbon. To discuss all this and more is one of the leading lights in the Texas energy sector, Mike Howard, Founder and CEO of Howard Energy Partners, the largest privately owned mid-streamer in the US. Beyond his business ventures, Mike is a key advocate for energy's role in society and the importance of getting it right, in technology, in physics, in legislation and in investment. www.hcgroup.globalwww.hyperionsearch.com For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

Gold, copper and silver have gone parabolic. The dollar is falling. And yet, hydrocarbons remain at an inflation adjusted all-time lows. Is the world being complacent due to the narrative of the oil glut, food glut, and natural gas glut. However, as our guest Jeff Currie says "if you have to scrape the data for evidence of a glut, perhaps there isn't one" Are we headed for a great repricing? Are we on the precipice of inflation and macro-economic turmoil. As tech companies plow their free cash flow into assets, will the investors return to hydrocarbons? For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

https://interactive.hcgroup.global/annual-review-2025-26/full-view.html For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

What drives global natural gas prices more: power politics or supply and demand? In this episode, we discuss the geo-politicization of natural gas and the challenge that presents to traders and investors alike. Why was 2025 such a difficult year for traders? And what are the most consequential stories in natural gas for 2026? H Returning to the show is Anne-Sophie Corbeau, Global Research Scholar at the Center for Global Energy Policy. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

What is the future of commodity trading? Is volatility here to stay and thus the profit pools available continue to grow? What will the market structure look like in 10 years and who will be the privileged few that have built, or are building, commodity trading platforms to be able to capture that future? What will that future look like? Who will participate and which category of participant will have the greatest market share? And what will the teams and skill sets and people look like participating in that world? Our guest is Roland Rechsteiner, partner at McKinsey and the global head of their commodity trading and risk practice. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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 in turn does it mean for commodity markets themselves... can they withstand such unpredictability and government interventions. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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 related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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 respectively.https://www.polestarglobal.com/deep-blue-intelligence/ For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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 of BP and Mercuria and is now a senior advisor at Baringa, the management consultancy. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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/). For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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 fellow at the Henderson Institute. We are discussing his paper, alongside his colleagues, the hidden $3 trillion profit opportunity for CEOs, that by learning to think like traders and hedge funds, CEOs can tap value opportunities that are currently left on the table. To read the paper visit:https://www.bcg.com/publications/2025/hidden-3-trillion-profit-opportunity-for-ceos For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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? For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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 [email protected] For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.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 special and the company he founded shape the industry even today. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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 want to know about future events, sign up at https://www.hcgroup.global/newslettersignup For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

HC Groups’s Q3 Market Review is available to download here: https://www.hcgroup.global/insights/market-reviews/access-market-review-q3-2025400+ 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 For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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 Economist at Argus, Nick Kumleben of Greenmantle and Kurt Chapman, legendary oil trader and Director at Levmet. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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 a systematic trading role. His views expressed herein represent his own and not those of any organization. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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.To view BMO Financial Disclosures visit: https://research.bmo.com/public/disclosure_statements For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

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 strong focus on energy and natural resources. For more on Enco Insights and their expert witness offering, please visit: https://www.encoinsights.com/HC Commodities Podcast Live Event: Rivers of Money Book LaunchOn October 1, HC Group will welcome Colin Bryce and Adi Imsirovic, authors of The Rivers of Money, to our London office for an evening of networking, drinks, and a special live recording of the HC Commodities Podcast. Tickets are free, but spaces are limited. Register here: https://www.eventcreate.com/e/rivers-of-money-event For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global