The HC Commodities Podcast

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 

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/ 

Caspar Rawles, COO at Benchmark, shares keen insights into the turbulent lithium market. He discusses significant price drops due to oversupply and shifts in EV demand. With new production methods and geopolitical tensions at play, the dynamics are changing fast. Rawles underscores the importance of risk management in a volatile landscape and introduces upcoming lithium futures contracts that could reshape industry strategies. He also highlights growth potential in energy storage as the sector navigates through uncertainties.

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.   

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.

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

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.

  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.

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

Ben Kruger, SVP of Renewables at Roeslein and Associates, and Warren Feather, former Managing Director of Cargill, dive into the potential of Renewable Natural Gas (RNG). They discuss how RNG might constitute 15% of global natural gas supply by 2050, its role in combating climate change, and the integration of agricultural waste into energy solutions. The conversation highlights RNG’s advantages for rural economies, its trading dynamics, and how it can improve sustainability in the agricultural sector while creating jobs and enhancing energy security.