The HC Commodities Podcast

  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.

Matt Smith, the lead energy analyst for the US at Kepler, dives into the chaotic world of oil markets, addressing the intertwining issues of supply and demand, geopolitical tensions, and looming recession fears. He highlights OPEC's critical balancing act amid inflation, explores Iran's oil exports and their impact on global pricing, and discusses the significant volatility affecting traders. Smith also sheds light on dwindling U.S. oil inventories and the future outlook shaped by evolving refinery practices and ongoing political influences.

Ashley Zumwalt-Forbes, a mining entrepreneur and former Deputy Director for Batteries and Critical Materials at the US Department of Energy, dives into America's critical minerals dilemma. She discusses the slow progress in establishing a domestic supply chain and the implications of recent U.S. policies. The conversation highlights the potential impacts of China's export bans, the significance of critical minerals for national security, and the urgent need for innovation in processing to compete globally. A fascinating exploration of minerals' role in technology and defense!

In this discussion, Robert Johnston, Senior Research Director at Columbia University’s Centre on Global Energy Policy, dives into the Trump administration's energy and commodities policies. He highlights how these policies shaped U.S. relations with major players like Iran and China. Johnston elaborates on the implications of tariffs on critical minerals, the contrasting strategies of Trump and Biden, and the geopolitical significance of Greenland in the evolving energy landscape. A fascinating look at how energy diplomacy impacts global markets!

Guy Winter, a partner at Fasken and advisor for the Critical Minerals Association, dives into the intricate world of tariffs on metals and critical minerals. He discusses how U.S.-China relations shape these tariffs and impact contracts and mergers. Winter also highlights the challenges posed by export controls on rare earth elements and the ripple effects for Western manufacturers. With a keen legal perspective, he explores negotiating trade complexities in a volatile market and the need for adaptable supply chains amid geopolitical tensions.

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. 

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  

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 achahal@hcgroup.global