The HC Commodities Podcast

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

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 colleagues are supporting Corporates and Strategics around the world, build, develop and implement plans big and small to meet the challenges of the commodity sector today. Enco Insights provides senior energy & natural resources advisors for short to long -term engagements to the private equity world, the legal world and of course corporates when the stakes are high and the insight matters.Visit www.encoinsights.com for more on their offering 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 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 OnyxPoint visit: https://www.onyxpointglobal.com/our-firmFor the Argus Global Markets Conference sign up here: https://www.argusmedia.com/en/events/conferences/global-markets-conference 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

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 dominate the sector? This book should be on the shelf of any commodity professional. Rich in anecdotes, characters and rooted in the heart of world history over the last 50 years, the book is both enjoyable and important. You can buy the book here: https://a.co/d/8oiMuWS 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 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 Pricing at the Independent Price Reporting Agency, Argus. 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 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 fascinating discussion. 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

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 chains so concentrated and what does it mean for all our futures? Our guest is economic historian Chris Miller, author of Chip War - The Fight for the World's Most Critical Technology, the New York Times best seller. 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 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. 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 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 China, threatening the West's defence capabilities. Our guest is Joe Bryan, principal at Muswell Orange, a boutique consulting firm, focused on energy and particularly its intersection with national security. Before his return to the private sector, Joe was a senior advisor to the Secretary of Defense and was the Department sector, of Defense Chief Sustainability Officer. He previously served as Deputy Assistant Secretary for the Navy for Energy, where he was responsible for policies relating to the Department's installation and operational energy programs. Earlier in his career, Joe led investigations for the Senate Armed Services Committee and served on both Senate's Select Committee on Intelligence and the Permanent Subcommittee on Investigations. He has consulted on energy policy around the world and began his Investigations. He has consulted on energy policy around the world and began his career working on electricity restructuring and state level policies to encourage growth of clean energy 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 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: https://www.amazon.com.au/War-Wheat-Navigating-markets-conflict/dp/1763580938 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 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/ 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 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 contracts and what do they mean for the sector? 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 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, where Peter specializes in energy and mining. 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 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 natural resources including as a portfolio manager with Fidelity. 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 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 produce the World Energy Outlook annually.For more on our senior advisory network, Enco Insights visit - www.encoinsights.com For more on www.Hyperionsearch.com - our clean energy search firmFor commodities search visit www.hcgroup.global 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 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 for Strategic and International Studies. Clay holds the James R. Schlesinger chair in Energy and Geopolitics and is an experienced energy industry analyst with specialization in market intelligence and political risk. Clay provides policymakers and corporate leaders with thought leadership and strategic insights to navigate regional and global energy security challenges. 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

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 talent landscape as a new generation of professionals, and new businesses, confront these challenges? Is a new generation of deep specialists ready? Joining podcast host, Paul Chapman was Stuart Lawson, Global Head at Aon Credit Solutions; Khushroo Pochkhanawalla, Commodity Risk Director at The Heineken Company; Matthew Chamberlain, CEO at the London Metal Exchange; Marieke Franssen, Managing Director of Natixis Corporate & Investment Banking and William Tully, Head of Business Development at Brown Brothers Harriman Commodities & Logistics. 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 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, peer -to -peer, advice and to leaders within organizations that are developing or strengthening their risk and trading functions. For more on Enco’s advisory network visit: https://www.encoinsights.com/solutions/insight-partnerswww.encoinsights.comwww.hcgroup.global 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 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 renewables solutions businesses before joining Roeslein as a board advisor while Ben Kruger has joined Roeslein and Associates as the SVP of Renewables after a 25 -year career at Cargill, where he latterly was Director of Renewable Natural Gas and Specialty Oil Seeds. Roeslein itself is a global technology and engineering company that, through its Roeslein Renewables Group, is now developing projects around the world in renewable natural gas, offering turnkey solutions to agricultural customers,including finance and all technical aspects of project development. 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 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 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

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 mean for our economies? Our guest is mining entrepreneur and former Deputy Director for Batteries and Critical Materials at the US Department of Energy, Ashley Zumwalt-Forbes. 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 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 advisory board of the Critical Minerals Association in the UK and on the UK's Department of Business and Trade Critical Minerals Expert Committee. He is also an author of fiction books - his latest two were The Billionaire Suicide Club and The Billionaire Suicide Club 2; Red queen Rising.to RSVP for our May 15 Live Event email [email protected] For more on Enco Insights Expert witness offering visit: www.encoinsights.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

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 advisory board of the Critical Minerals Association in the UK and on the UK's Department of Business and Trade Critical Minerals Expert Committee. He is also an author of fiction books - his latest two were The Billionaire Suicide Club and The Billionaire Suicide Club 2; Red queen Rising. For more on Enco Insights Expert witness offering visit: www.encoinsights.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

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. 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 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.For more on experts and advisors that can support decision making in energy & commodities visit: www.encoinsights.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

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-reportHC 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.Our dedicated Talent Intelligence team manages HC Group’s advisory services, including Compensation Data and Advisory; Diversity & Inclusion Studies; Competitive Analysis; Talent Pipelining and Succession Planning; and Talent Analytics & Assessment.For more on HC visit www.hcgroup.global or contact Amelia at [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

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. 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 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. 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

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. 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 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 in the US, as well as globally. Adam has had a stellar career in the energy markets and latterly head of U .S. power trading at BP. 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 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 Sirius, a sustainability intelligence platform for metals and mining, working with ArcelorMittal, Freeport, and other majors. She spent 8 years at the European Resources Group as Head of Sustainability and started her career in strategy consulting.www.besirius.io 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

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 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

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 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, advisory to organizations embarking on this journey. Niels Henrik Lindegaard spent 40 years with Maersk and spent a decade leading their trading transformation through Maersk Oil Trading.For more on Enco Insights visit www.encoinsights.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

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. For more on HC Group visit www.hcgroup.globalFor more on Enco Insights visit www.encoinsights.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

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, advisory to organizations embarking on this journey. Niels Henrik Lindegaard spent 40 years with Maersk and spent a decade leading their trading transformation through Maersk Oil Trading. For more information on Enco Insights visit www.encoinsights.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