Refining margins higher for longer

Anthony argues refinery outages and repair delays will sustain elevated refining margins for years.

Play episode from 04:35

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Episode notes

We need inspiration for today's episode - and it came our way.

We picked up the phone in an attempt to make sense of everything going on in this market. We called some fund managers to get clarity and ask the questions we can't get off our mind.

This episode goes deep into how smart money is positioning in uncertain times.In the episode, we discuss:

Why energy prices could stay higher for longerThe LNG supply shock
How gold has historically performed during major drawdowns
The structural shift in lithium demand
Constructing a portfolio across energy, gold, and food exposure
Specific asymmetric opportunities in gas, copper, and gold equities
Why diversification matters more than ever

Follow Anthony:

LinkedIn -https://www.linkedin.com/in/anthony-kavanagh-89b16818/?originalSubdomain=au

If you enjoy these conversations, subscribe for more insights from investors and operators across the mining and commodities sector.

Episode recorded: 04/24/26

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TIMESTAMPS

(0:00) Lithium Demand Turning Point
(0:20) Anzac Weekend and No Plan
(4:00) Rapid Fire Market Themes
(23:30) Gold Miners Outlook
(25:00) Lithium Market Repricing
(29:00) Copper, Nickel, and Energy Shocks
(32:50) Coal Debate and Wrap

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