The HC Commodities Podcast

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

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.

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.

Hans Balgobin, an experienced systematic trader with a diverse background at firms like HSBC and Shell, shares insights on systematic trading. He explains how structured, data-driven strategies enhance decision-making and deliver competitive advantages. The conversation dives into model anatomy, the importance of backtesting, and the balance between manual and algorithmic execution. Balgobin also highlights future trends, including data democratization and the shifting market structures, emphasizing how these changes will redefine trading in commodities.

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

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

Savvas Manousos, a Partner at Enco Insights with extensive experience in trading platforms, discusses the complexities of business planning in the volatile commodities sector. He emphasizes the need for agility in strategy, highlighting the shift from static to dynamic planning. Savvas shares insights on aligning performance metrics with market realities and the importance of external perspectives. He advocates for flexible budgeting and fostering a collaborative environment to drive resilience, innovation, and effective decision-making amidst uncertainty.

Shaia Hosseinzadeh, Founder and Chief Investment Officer of OnyxPoint Global Management LP, dives deep into the complexities of global commodities investing. He sheds light on the interplay of narratives from Wall Street and Main Street, and how policy and geopolitical volatility shape investment strategies. The discussion highlights the challenges in the renewable energy sector, the dynamics of shale versus offshore oil investments, and the significance of critical minerals in today’s market. Get ready for insights on navigating a potential stagflation era!

Colin Bryce, a founding partner at Energex Partners and co-author of 'The Rivers of Money,' dives into the captivating world of oil trading. He discusses why London emerged as the hub for this industry, contrasting it with Wall Street's structured chaos. The evolution of commodities trading, the significant role of Saudi Arabia, and the hidden giants of Swiss trading firms are unveiled. Bryce also shares intriguing tales from Russia's early oil market, blending rich history with the personal narratives that shaped this dynamic sector.

In this engaging discussion, Ellie Saklatvala, Head of Metals Pricing at Argus, dives into the fascinating world of critical minerals, focusing on Yttrium, Rhenium, and Graphite. She reveals how Yttrium’s strategic importance shapes modern technology and geopolitics, while addressing the challenges around its supply chain. Ellie also explores the complex dynamics of Rhenium production and the volatility of market pricing. Finally, she highlights Graphite's essential role in the electric vehicle boom and the urgent need for a sustainable supply chain amidst rising global demand.