The HC Commodities Podcast

This week, journalist and author, Rob Copeland joins to discuss his explosive best-selling book: The Fund: Ray Dalio, Bridgewater Associates and the unravelling of a Wall St Legend. Long seen as the paragon of systematic trading, Bridgewater grew to the largest hedge fund in history. Alongside that, its founder, Ray Dalio - a one-time commodities trader - a business legend with his best-selling books and his devotion to his “Principles”. Rob’s book exposes a very different fund and leader. We dive into the unique culture and management style Ray created which includes 24hr surveillance, inquisitions over bagels and very public take downs. And also how exactly the fund invested. Rob is a finance reporter for the New York Times. 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

Wind & solar have had a tough year. Rising costs, disrupted supply chains, market economics and weather events have all contributed to the woes that have seen projects parked and stock prices fall. Yet, renewables are crucial to the energy transition and can be cost competitive and profitable in many cases. Just what does it take to build projects and companies that can weather this volatility? How can the sector build resiliency and robustness? Julie McLaughlin and Elizaveta Malashenko of Alvarez & Marsal join us to diagnose the challenges and identify the pathways forward for the renewables sector as outlined in their latest white paper released today: https://www.alvarezandmarsal.com/insights/renewables-imperative-discipline Julie is Managing Director of the US Energy Practice (previously our guest in episode 94 on the still upcoming SEC regulation on climate disclosures: https://podcasts.apple.com/us/podcast/the-hc-insider-podcast-conversations-in-energy/id1512721188?i=1000559567015) and Elizaveta is a Senior Director focused on the energy transition. 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 commodity trading world is adjusting to greater volatility and higher capital costs. Individual companies are needing to increase their market and commodity footprints to navigate the energy transition while many are building trading capabilities for the first time. Commodity Trading Risk Management software, the backbone of any trading platform, needs to keep up. The wrong choice can be very costly. How have CTRM’s evolved over the last 5 years in capability, price and implementation? Sameer Soleja, CEO of Molecule, one of the most modern, cloud based CTRM, joins us to discuss.You can visit Molecule at: www.moledule.ioand HC Group at www.hcgroup.globalFor more episodes on CTRM listen to https://podcasts.apple.com/us/podcast/the-hc-insider-podcast-conversations-in-energy/id1512721188?i=1000515160695 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 Dark Cloud: The hidden costs of a digital world with Guillaume PitronWhat is the energetic consequence of a simple ‘like’ on social media? Or a zoom call? Modern technology is underpinned by a very real material and energetic infrastructure that is putting immense strain on energy production and the world’s natural resources. 5G and AI have supercharged this consumption. Yet, technology companies have been successful in creating a “dematerialized” perception. The energy transition and sustainability emphasis has focused largely on the energy & commodities world while tech is seen by many as clean and green. It is not. This is the story our guest, investigative journalist and author, Guillaume Pitron has told in his book “The Dark Cloud” published in English this year by Scribe. 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 2023, Renewables have struggled with rising costs and higher interest rates. Alongside, there is a growing palpable shift in the perceptions, and expectations of nuclear power’s role in the energy transition. Is this a structural shift? Natural gas remains the bridge fuel but can shale production keep up with growing US exports and if not, what will that mean? in this episode, Adam Rozencwajg, Managing Partner of Natural Resource investor Goehring and Rozencwajg rejoins us to discuss the structural shifts and shifting sentiments in energy in 2023 and what 2024 may hold in store.You can view Goehring & Rozencwajg's research here:https://www.gorozen.comYou can visit HC Group here: 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

In this episode we return to Lithium – the critical metal of the electron age. The supply chain is both constrained and concentrated, leading to a rush to find suitable deposits worldwide. However, its not just quality of deposit that matters but type, geography and the political and social environment in which it sits. In this episode, we review the Lithium Triangle, the rich swath of brines that cover Bolivia, Chile and Argentina. How and why has the Lithium Triangle acquired its name? What role will it play in the energy transition and which of those three countries provide the best opportunities? Our guests are Gabriel Rubacha and Taj Singh. Gabriel is now the CEO and Chairman of NOA Lithium Brines, a Lithium exploration company focused on the Triangle. Gabriel was previously on the board of directors at Lithium Americas Corp. Taj is the former CEO of NOA and now President & CEO at Gold Line Resources Ltd. Visit NOA Lithium Brines https://www.noalithium.com//Visit HC Group 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

Hydrogen made in a steam reformer, grey hydrogen, is responsible for 3% of global greenhouse emissions yet it is embedded in many industrial applications. More broadly industry accounts for some 10% of emission. Switching industry to green hydrogen would make a huge difference. Yet, green hydrogen remains rare. The costs in both the operating expenses and capital expenditure means implementation is extraordinarily difficult, especially in a high interest rate environment. What are the challenges, what does the future hold and how could the costs be lowered? Our guest is Chad Mason, CEO and founder of Advanced Ionics, a company focused on the clean future of industrial hydrogen.Visit Advanced Ionics here: https://advanced-ionics.com/For HC Group 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

Download here: https://www.flipsnack.com/hcinsider/q3-2023-market-review/full-view.htmlTo sign up to receive the review in future quarters, along side our other thought pieces, interviews and analysis in the sector visit:https://www.hcgroup.global/hc-insiderYou can also email me at [email protected] with any specific questions and I can direct you internally to best contact. 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

Cotton is a commodity that is familiar to all of us. However, the market for cotton is not. How and where is it produced and traded? How is the cotton market being impacted by de-globalization, digitization and the energy transition? Who are the players and what can the cotton market tell us about the broader economic cycle? Our guest is Crawford Tatum, veteran cotton trader at some of the largest houses and now Director of Economic Research and Market Risk at the Staple Cotton Cooperative Association. HC Group is a search firm dedicated to the energy & commodities commodities sector with 8 offices around the world. For more information 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

Combining energy storage and renewables tackles intermittency and synchronicity (the famous duck curve) and unlocks the economics and trading opportunities. However, implementation is challenging. The technical and engineering challenges around which battery and the transformers required to connect to the grid (currently on extended back log). The contracts and commercials are challenging? How will manage and profit from the trade? And both of these depend on location and regulatory environment. Joining us to discuss the complexities and opportunities around combining energy storage and renewables is Brian Knowles, Director of Energy Storage and Flexibility at Pexapark, the PPA pricing and consulting firm. Brian has a unique background pioneering the deployment and commercialization of energy storage with wind and solar projects in Europe and the US.HC Group is a global search firm dedicated to energy & commodities markets. Visit www.hcgroup.global for more information and contacts for Paul Chapman 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

Who really prices oil? Traders? OPEC? Financial Flows and hedge funds? The oil markets are far different than two decades ago. They are increasingly financialized opening trading to a far greater number and variety of participants. Now, as in equities, sentiment can drive markets in the short term irrespective of the physical flows. On September 14 in London, HC Group and Onyx Capital hosted a live podcast event to address just this. Kurt Chapman, Director of Levmet, Saad Rahim, Chief Economist of Trafigura, Tor Svelland, CEO and Founder of Svelland Capital, Savvas Manoussos and Greg Newman, CEO & Founder of Onyx Capital joined Paul Chapman to discuss. We also celebrated Greg's new book - "The World of Oil Derivatives". A fantastic primer for financial trading in the oil markets. HC Group is a search firm dedicated to energy & commodities sector. For more information 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

Taiwan’s energy security is on a knife edge. Energy Transition policies have increased reliance on fossil imports while also increasing CO2 emissions. At the same time, China’s growing belligerence poses an existential threat. Taiwan is crucial to the global economy given its centrality in semi-conductors, itself an ever power-hungry industry. How did Taiwan end up in this state? What were the policies and why have they had limited success? What would a blockade mean for Taiwan? Is the upcoming election likely to change anything? And what lessons can the world take from Taiwan? Our guest is energy journalist and Taiwan expert Angelica Oung, Founding Editor at Taiwan Offshore Wind Unredacted. HC Group delivers retained search, intelligence and advisory for energy and commodities markets. Learn more: 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

Number Go Up: Inside Crypto’s Wild Rise & Staggering Fall with Zeke Faux On the day of publication, Bloomberg investigative reporter Zeke Faux, joins us to discuss his new book Number Go Up. Zeke followed Crypto’s wild ride with a ring-side seat including being inside SBF’s penthouse as the fallen crypto king faces his imminent arrest. In 2021, all the numbers went up. Billionaires were minted overnight. Crypto would change the world; former presidents and prime ministers lauded SBF as the next Steve Jobs, and stable coins would forever change banking. Commodity traders set up crypto desks. And then it all crashed. Will history view crypto as the world’s biggest ever bubble - the mother of all madness of crowds - fueled by low-interest rates and bored investors stuck in lockdown? And what about those stable coins like Tether… has the real crash yet to come? Zeke Faux is an investigative reporter for Bloomberg Businessweek and Bloomberg News. He’s a winner of the Gerald Loeb Award and the American Bar Association’s Silver Gavel Award and a National Magazine Award finalist. 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 MillerSemi-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

Commodity Supply Chain Challenges with Anton Posner COVID is in the rear-view mirror, yet the commodity supply chains remain volatile and uncertain. In this episode, we catch up on the state of bulk commodities shipping and logistics. 2022 generated unprecedented returns, particularly in the container market. Why and what has happened since? How are traders and logistics providers managing high interest rates, war, enormous scandals involving missing inventory and the uncertainty wrought by the energy transition and decoupling with China. What are the routes and tools in bulk commodities freight? Where are freight rates now and where are the headed? Our guest is Anton Posner, Founder and CEO of the Mercury Group whhich offers logistical expertise for the shipment of dry goods (both dry bulk and break-bulk) by barge, train, truck or vessel, particularly for the metals 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

Biofuels on the Edge with Walter Cronin Biofuels are key to decarbonize transportation in the energy transition. However, poor harvests, weak regulatory support, war and inflation all threaten the key grain and oilseed feedstocks. Money is flowing into processing and infrastructure, but have the risks been priced in? This year only Brazil’s bumper crop of soybean has saved global supply after atrocious harvests in Argentina and a US crop on the brink of disaster only saved by early August rains. What happens if Ukraine harvest is further degraded or, unthinkably, ceased due to the use of tactical nukes? On the regulatory side, has EPA undermined the US administrations goals around biofuels? What happens to biofuel production if we face a global harvest shortage? In this episode, investor and biofuels expert, Walter Cronin returns to discuss the state and future of biofuels. 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

Rice is one of the most important global food sources, providing nearly a one fifth of global calorific intake. Yet the market for rice is relatively opaque with a small futures market. Much of the rice produced is consumed locally and much of global trade is at the subject of governmental control. Rice is also at the mercy of an increasingly volatile weather and climate. India recently announced an export ban on non-basmati rice, roiling global markets. Where is the rice market headed and what are the trading opportunities? Here to discuss are Lewis Williamson and Marvin Coleman, Managing Directors and Regional Co-Heads of Commodities at HTS Commodities, a division of Hilltop Securities. Their business is one of the leading full-service providers in the rice futures and options 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

Ice: The Rise and Fall of a Hot Commodity with Amy Brady A hundred years ago, ice was the one of the important commodities and most powerful industries in the world. A history filled with merchant kings, monopolies, traders and short squeezes. And cocktails. And then it all melted away – another rapid transition. In this episode, author and historian Amy Brady joins us to discuss the surprising history of ice. How the industry was created and importance to life, the economy and culture in American history. And its rapid decline in the wake of technology and development. Amy’s most recent book is Ice: From Mixed Drinks to Skating Rinks--a Cool History of a Hot Commodity published by Random House, June 2023 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

Whale Oil: The Original Energy Transition with Eric Jay Dolin In 1859, illumination throughout the major metropolises of the West was powered by whale oil. Whale oil was at the center of international trade (and trade disputes). Prices were at an all time high and great fortunes had been made. Yet, in that same year, Edwin Drake started the oil rush in Titusville, Pennsylvania…and every thing changed. Quickly. What lessons are there in this first energy transition in the modern era? In this episode we dig into the history of whaling and whale oil. Our guest is historian Eric Jay Dolan, author of Leviathan: A history of whaling in America. Eric takes us through the history of whale oil. A history of the first commodity cartels (they failed too), extraordinary entrepreneurs, boom and bust, environmental exploitation and Benjamin Franklin’s taste for Spermaceti Candles. 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

Walls, Bridges & Dilemmas in the Energy Transition with Eirik Waerness Eirik Waerness, Chief Economist of Equinor, the global energy major, joins us to discuss their Energy Perspectives 2023- an independent scenario analysis describing the development paths up to 2050 for the world economy, energy markets and energy-related greenhouse gas emissions. What are the blockages, accelerators and dilemmas the world faces in trying to hit 2050 goals? Have we already blown past 1.5c? A clear-eyed, sobering look at the challenges the world faces in reducing greenhouse emissions and the solutions needed 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

Changing Battery Chemistries & Lithium Iron Phosphate (LFP) with John Passalacqua and Isobel SheldonThe Lithium-Ion battery is the fulcrum on which the energy transition hinges. However, its chemistry continues to evolve. The Nickel-Cobalt variant has led the charge in EVS, primarily due to the singular focus on range. However, cost, raw materials, safety and utility has led many manufacturers towards Lithium Iron-Phosphate (LFP) batteries to meet the mass adoption needed to reach decarbonization goals. In this episode, we do a deep dive on battery attributes, chemistries and markets. And if LFPs will dominate, what does that mean for the battery supply chain and the mineral producers its needs. Our guests are Isobel Sheldon OBE, a leading authority in batteries & EVs and John Passalacqua, CEO of First Phospate Corp (PHOS:CN). First Phosphate Corp is positioned to be a leading supplier of the Phosphate needed in this evolution within the revolution.Visit HC Group hereFirst Phostphate Corp here 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

You can sign up to HC Insider content, including though pieces and future reviews here:Download the market review hereFor more information on HC Group and our services 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

Back to Ag Futures with Scott IrwinIn this episode, we are joined by a global leader in the field of agricultural economics. His research on commodity markets is widely cited by other academic researchers and is in high demand among farmers, market analysts, traders, and policymakers. We are discussing the future and history of agricultural futures and his book, “Back to the Futures: Crashing Dirt Bikes, Chasing Cows, and Unraveling the Mystery of Commodity Futures Markets “. We cover Scott’s work and life in agri futures. How ag futures work, how they have developed and what might their future hold. 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

Volatility with Stephen RosemeThe commodity markets have had a period of unprecedented volatility. Furthermore, the energy transition is likely drive volatility over the long-term as infrastructure, funding and markets all degrade across hydrocarbons. However, volatility also drives opportunities of the trade floors who can manage it. What is volatility? What are its sources? How is it changing? And how are the tools and technologies changing that are needed to manage it? What does it mean for traders and their skillsets? Stephen Roseme, CEO and founder of the The Bridgeton 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

A lot has changed in the last three years when it comes to investing in the energy transition. Inflation and rising rates have altered economics, the tools and the returns expected. ESG is no longer the all-conquering paradigm sweeping all theses before it. The complexity of delivering the transition (and the trade offs) are better understood. Western governments are far more focused on securing the critical raw material supply chains that will be required. War & deglobalization have sharpened competition and increased volatility. To talk about all this and how and why he is investing in the energy transition is John Dowd, former Fidelity Portfolio Manager over natural resources, and now, CEO of GoGreen Investments, a SPAC focused on the energy transition. 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 EU has set ambitious goals to decarbonize, especially in transportation, accelerated by the geopolitical necessity to reduce reliance on hydrocarbons. However, the minerals and even technological know-how for the electron economy especially, sits largely outside the region. The also face stiff competition for both, especially from the US - supercharged by the IRA. How is Europe planning to compete? What are its proposed policies and goals? What is the Critical Raw Materials Act? What is the role of the commodity traders - all largely domiciled in the region. Our guest is JuliaPoliscanova, Director at the Transport & Environment think tank in Brussels and atransport, batteryand policy expert. 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 inflation is persistent globally, even after the underlying commodity prices have dropped. What is going on? Will food prices normalize and if so when? Has something structural happened? And what is the outlook for the softs and grains markets in a turbulent world both in trade and weather. Is China demand growing and what does El Niño mean for crops? What does high food prices mean for global economic health and stability? Our guest is Kona Haque, Head of Research for ED&F Man, the world's biggest softs trader. 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 June 1st, in front of a live audience in London, we recorded a special live podcast to celebrate the launch of Adi Imsirovic's new book: Brent Crude Oil - the genesis and development of the world's most important benchmark. The panel consisted of some of the leading figures in the past and current development and trading of Brent. What is Brent? Why is it so important? And what does the inclusion of the WTI mean for it? Adi along with Colin Bryce, partner at Energex, Kurt Chapman, board member of Zenith and Paul Horsnell, head of commodities research at Standard Chartered discuss. To be invited to future events please sign up to HC Insider at 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

Commercial Real Estate, Rates & Renewables with Eugene McGrane The Commercial Real Estate market is in trouble. High interests rates & low occupancy are stressing central business districts across the world. Meeting the demands of the energy transition is an added challenge. Retooling our energy infrastructure requires land for new grid infrastructure – often in urban coastal areas looking to import power from wind. However, this layer of deep complexity in renewables development is often overlooked, especially as European energy companies expand in the Americas. Today we look at the real estate angle of the energy & commodities world, as well as get an update on just how bad the commercial real estate sector is. Our guest is Eugene McGrane, MD at the global real estate firm Cushman & Wakefield, who heads the offerings to energy & renewables clients. 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

Coal Trading with Hayn Park Coal demand reached an all-time peak in 2022. Prices reached levels not seen for over a decade. China is permitting two new coal fired power plants a week and Germany is burning lignite to meet its power demand. Traders reaped huge rewards trying to connect a fragile, disrupted, supply chain. As the world strives for the energy transition, removing coal from our power mix is vital. Financiers and public companies have made firm commitments to this. This has pushed the coal supply chain into ever more private hands and into a more opaque and volatile arena. What is the coal market? What is its structure? How is it traded? And where is it headed. Our guest is Hayn Park, head of European energy trading at DRW and a veteran energy trader. 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 late April, we brought together a panel of leading thinkers and executives from across the sector to discuss the impacts of rising interest rates on commodities in front of a live audience in New York City. This inaugural Live HC Insider Podcast event was hosted by HC Group and Brown Brothers Harriman. Where are rates headed? What does it mean for prices, traders, producers, investment and the energy transition? Our panelists were Roland Rechsteiner (Partner, McKinsey), Lewis Hart (Managing Director, BBH), Dwight Anderson (Founder, Ospraie Management), Mark Kristoff (CEO, Traxys), and Adam Rozencwajg (Managing Partner, Goehring & Rozencwajg). The panel opened with an update on rates from Scott Clemons (Chief Investment Strategist at Brown Brothers Harriman). 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

Commodities in a Deglobalizing World with Jeremy Shapiro Commodities have been at the heart of globalization. Traders roamed freely and commodities priced to the marginal cost of production. Since the mid-2010s that started to change politics moved toward populism and nationalism and geopolitical competition heated it. Today, traders have to navigate a sanction minefield and the weaponization of the dollar. Global trade is fragmenting into blocks. What does this mean for the sector, the talent and the dollar itself. Our guest is Jeremy Shapiro, research director at the European Council on Foreign Relations and previously the senior advisor to the assistant secretary of state for Europe and Eurasia at the U.S. Department of State and a fellow at the Brookings Institution 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

Commodity Indexes with Tim Kramer, JC Kneale and Preston Peacock: Commodity indexes have grown in popularity among institutional and private investors, tracking the prices of a diversified basket of commodities to generate returns and hedge inflation, with current allocations totaling over $1.6 trillion in assets. Despite their acceptance, many investors are unsure of how these complex indexes are constructed, how returns are generated, and who ultimately determines the commodities they comprise. Furthermore, the future of these indexes remains a topic of discussion. To gain a deeper understanding of these indexes, Tim Kramer, founder and CEO of CNIC Funds LLC, is joined by Preston Peacock, Senior Director of ICE Data Indices, and J.C. Kneale, Head of North American Power and Gas Markets for ICE, to discuss the history, evolution, construction, uses, and potential future of commodity market indices, including their new power index designed for the energy transition age.Website: http://www.cnicfunds.com/Bloomberg Tickers:ICECNPIS = ICE US Carbon Neutral Power Spot Return Index (returns on underlying electricity + carbon only)ICECNPIE = ICE US Carbon Neutral Power Excess Return Index (returns on spot + roll yield)ICECNPIT = ICE US Carbon Neutral Power Total Return Index (spot + roll + collateral yield) 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

Description A View From the Top with Saad Rahim In this episode, Saad Rahim, Chief Economist of Trafigura, the global commodity trading house, joins us to give an overview on the current state of the commodities markets. China is open for business. OPEC is cutting production. Is Oil poised for a big rise? Are cyclical markets over...replaced by a more volatile, less efficient, price-spiking and unpredictable paradigm? Where will metals headed with continued supply constraints? Is Copper the ultimate transition metal and what does energy transition mean for the traders? 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

Powering Heavy Industry with Manoli YannaghasHeavy industry accounts for one third of power consumption. Many leading industrials and miners have ambitious targets to reach net zero. While renewables deployment capture headlines, what about efficiency? What about demand management? In this episode we dive into how new technologies can help companies understand their power consumption and make significant savings through behavioral and process changes. Our guest is Manoli Yannaghas, founder and CEO of Voltvision. Manoli has spent 20 years managing operating mines and mineral exploration projects in Africa and South America. He has also acted as CEO of a publicly listed mining company, as well as founding a number of small fast-growth technology companies operating in the mining, energy and renewables space. There is currently an opportunity to invest in VoltVision’s Series A funding round. If you would like to know more, please 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

How long will the energy transition take? The challenges are underestimated. Energy consumption will continue to expand as emerging economies develop, and as new classes of technologies emerge (not least AI where its inherent power consumption is an order of magnitude more than conventional computing). The switch from fuels that are mainly liquids and gases to hardware-intensive technologies like wind, solar and batteries, requires enormous quantities of materials; the supply chains for which are already stretched. And if the energy transition is to be delayed, what should we be doing to prepare and are there other options than those being chased now ? Our guest is Mark Mills, author, investor, policy advisor and senior fellow at the Manhattan Institute. Mark’s latest book is “The Cloud Revolution: How the Convergence of New Technologies will Unleash the Next Economic Boom and a Roaring 2020s” 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

Hedge Funds & Commodities with Tor Svelland In this episode, we return to hedge funds and their role in commodities for investors, market participants and talent. Why is money returning to hedge funds with commodities focus or exposure? What does it take to succeed in the volatile sector? What tools and experience do hedge fund traders need? And is there anything structural that means this time hedge funds will stay dedicated to the space? Our guest is Tor Svelland, commodity trader and founder of award-winning hedge fund Svelland Capital. 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 Pathways to Decarbonize Transportation with Michael Barnard In this episode, we take the long view of decarbonizing transportation. How will cars, trucks, trains and planes move in 2050? Which technologies will win out and why for each of these modes? Which countries and companies will lead these wholesale revolutions and which bets look safest? What are the pathways available? What criteria can investors and participants use today to evaluate decisions? Our guest is Michael Barnard, decarbonization strategist, futurist and author.. 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 special episode, I provide notes, quotes and my take away from the FT Commodities Summit in Lausanne, Switzerland. Starting the day Credit Suisse was taken over by UBS, the conference was held against a backdrop of financial turmoil and geopolitical fractures. What do the leaders of the commodities sector see as the major opportunities and challenges, after a year of record profits and the sector itself becoming central to global strategic interests and energy transition. What are the price predictions and the nature of the trading environment for the rest of the year. This is one of the few events where the CEOs of all the trading houses meet and publicly discuss their role and views on the 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

Decarbonization is crucial to tackling climate change. Yet, human history has been a story of increasing energy consumption and hydrocarbons unleashed global development. Today, hope and investment is pinned on a suite of alternatives, especially wind and solar. The economics work. However, do the energetics? Our guest has spent a decade looking at the energy return on investment (EROI) and his work and insight presents a stark contrast and challenge to our current direction. Adam Rozencwajg is Managing Partner at Goehring & Rozencwajg, a commodities and natural resources fund with over 30 years of track record and holds a global following for their research (available here http://gorozen.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

Edward Chancellor, financial historian and journalist, returns in this special update to discuss the unfurling banking crisis. We discuss the common thread across the financial stresses around the world is rising interest rates to tackle inflation. Should central banks be intervening? What has the Fed done with SVB? Are the events with Credit Suisse and the US banks the start of a broader financial crisis? What does this mean for rates going forward? How can the world tackle its debt and what does it mean for 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

Paul Posoli was at the forefront of energy trading through a 20 year career. In this episode, we follow Paul’s story has he joins Enron, builds a trading desk for a merchant and an investment bank, mapping through his career the peaks and valleys this sector has had. At the heart of that journey is Paul focus on people and talent. And it is that focus that led Paul to join Cristo Rey, a non-profit Jesuit high school educating students with and from limited economic resources, as President (https://www.cristoreynetwork.org). That journey led Paul to launch CareerSpring, a non-profit platform for connecting first generation college grads to employers unlocking systemic inequalities that enriches society and employers. HC Group is proud to be partners and you and your organization can help support CareerSpring (https://careerspring.org/). An inspirational story of leadership, resilience and profound empathy. 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 March 8th 2022, Nickel prices spiked 100% to $100,000 a tonne in a matter of hours, triggering billions of dollars in margin calls and threatening the very existence of the exchange. The LME took the unprecedented, and controversial, step of cancelling all trades made that day. A decision which enraged some but saved the exchange and the shorts, creating a cascade of legal battles continuing to this day (we recorded this episode prior to the UK’s FCA announcing an official investigation into misconduct). What started the crisis? Who was Mr Big Shot? What were the events that surrounded the run up in prices and how did it unravel the structure of the LME? Did the LME pose a systemic risk? What has been the fall out? Our guest is Jack Farchy, Senior Correspondent for Commodities at Bloomberg, who takes us through the 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

In 1993, Metallgesellschaft, the German Global Industrial conglomerate lost $1.3bln in oil derivatives trading through its US subsidiary MGRM. The details leading up to their implosion and the subsequent actions taken by their CEO, trading counterparties and their lending banks have been hotly debated by academia, business school students and their contemporaries in the markets ever since. In this episode, as we approach the 30th anniversary of one of the largest and most famous financial calamities in the oil trading markets, we review the key moments and, uniquely, draw on viewpoints from industry veterans present at the time: What really happened and why? What did the academics miss and what, if anything, has been quietly hushed? What lessons were learned, if any? Joining us is Kevin O’Reilly, commodities investment banker and commodity markets theorist. 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

Tantalum… a story of insatiable demand with Hadley NatusYou probably have not heard of Tantalum. However, like the Greek mythological figure it is named after, the world is developing a need for it which is not easily satisfied. The supply chain of Tantalum also poses some fundamental questions on the supply chain of the electron economy. Tantalum is in our cell phones, TVs and EVS due to its remarkable properties. However, it is produced by artisanal miners in Congo. In this episode we discussed Tantalum’s role in energy transition, its supply chain and solutions to meet the world’s growing demand in an equitable way. Our guest is Hadley Natus who provides us a clear-eyed, insiders view on the Tantalum trade. Haldeyis the Chairman of Tantalex and CEO of Afrimet. 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 Supply & Demand in 2030 with Joel Couse The energy transition will not be an easy path for a world built on hydrocarbons. The demand picture for the next decade is easier to divine than supply. To meet continued demand, more oil needs to be discovered and produced and more refineries are needed to transform it into the products we use. But who will invest? Who will finance? And who will do it. What oil will be drilled and what will gasoline cost in 2030? What will be the consequences of disruption to this finely balanced market. Our guest is Joel Couse,Special Advisor - Energy Markets and Security at the IEA. Prior to the IEA, Joel was Chief Economist for TotalEnergies 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 Case for Sustainable Aviation Fuel with Steve MawerGrowth in commercial air travel is unrelenting and so its carbon footprint - worrying airlines, passengers, and policy makers alike. Yet, air travel is the hardest to abate sector. Heavy batteries and decades long development cycles mean air travel won't be electrified any time soon. This is where SAF steps in. What is it? Where is it produced and what is the demand and policy support for it? And can it meet the needs of the industry? Our guest is Steve Mawer, Chairman of Calumet and its Montana Renewables subsidiary- a key producer of renewable fuels in North America 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 Price of Time with Edward ChancellorAward-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 operations. Assets inflated and inequality widened. In the commodities world, the cost of carry and cost of finance, was essentially zero. Energy tech plays were awash in money and valuations sky high. Rates are now rising and those same engineered corporates are becoming zombies. China risks economic Armageddon as the global carry trade ends. Assets prices are falling and financially stressed commodity traders, now face higher rates. Edward argues higher rates will return the world to profitable growth and risk allocation unless political will to reverse rates wins… 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 examine how the retail fuel world will manage the next decade and the transition to EVs. Will the highly efficient supply systems built over the last two decades decay as investment (and maintenance) dries up? What will happen to prices? Who will trade and who will have the last gas pump in town? How will fuel retailers pivot to EVs? Where will roadside chargers be and will retailers become power traders? How will the power industry respond and what will the challenges be? Will Hydrogen play a role? All this and more in part two with Doug Haugh. 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

Margin, Volatility & Supply in Retail Fuel with Doug Haugh: Part 1Fuel is the key driver in the oil market. The story of how diesel and gasoline reach the pump, and who traded it on the way, has shifted dramatically over the past 30 years. Producers, Traders and retailers have ebbed up and down the value chain on the tides of margin, volatility and market efficiency. In that journey, trading teams in the US and Europe have been built and shed. As such, it’s a story that is a microcosm of many stories of many commodities over the past 30 years. In Part 1 of this two part series, our guest Doug Haugh takes us through the strategies, conditions and outcomes of the market participants and brings us to the present day and the challenges the retail fuel space faces. Doug has been at the forefront of these changes throughout his career, including latterly as President of Parkland USA, the fastest growing fuel retailer in North America. 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