The HC Commodities Podcast

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.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.

Doomberg, an insightful analyst known for his sharp commentary on global energy and commodities, explores pressing geopolitical tensions. He discusses the potential for conflict reminiscent of World War III and its impact on energy supply chains. The conversation dives into how sanctions reshape global flows, the vulnerabilities of Taiwan regarding China, and the challenges in transitioning to renewable energy in the U.S. Doomberg highlights the complexities of military strategies and the need for evidence-based policy in a rapidly changing geopolitical landscape.

Chip War: How semiconductors became the new oil with Chris Miller Semi-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.

Today, we do a deep dive into the role and challenges of a transaction lawyer in the energy transition. And why lawyering in the energy transition is lawyering on hard mode? What are the  sources of complexity? What are the pain points about getting a project developed? How has current policy volatility impacted the energy transition particularly in the US? And what might the future hold? Our guest is Daniel Anziska.Daniel is an infrastructure and regulatory lawyer and partner at Troutman Pepper Locke ,a leading US energy transition infrastructure law firm. 

Today, we investigate the intersection of the energy transition, critical minerals and defense. As with commodities, warfare is also going through rapid and profound change, with the electrification of defense over the last 20 year. Batteries proliferate the battlefield and the energy transition is impacting national security. We are seeing the shift from capital assets to small, cheap weapons such as drones that can have profound impacts. This poses a particular problem for the US, where energy dominance has been based in hydrocarbons along with their warfare fighting capabilities. Now in an electrified battlefront, supply chains that support them sit in China, threatening the West's defence capabilities. Our guest is Joe Bryan, principal at Muswell Orange, a boutique consulting firm, focused on energy and particularly its intersection with national security. Before his return to the private sector, Joe was a senior advisor to the Secretary of Defense and was the Department sector, of Defense Chief Sustainability Officer. He previously served as Deputy Assistant Secretary for the Navy for Energy, where he was responsible for policies relating to the Department's installation and operational energy programs. Earlier in his career, Joe led investigations for the Senate Armed Services Committee and served on both Senate's Select Committee on Intelligence and the Permanent Subcommittee on Investigations. He has consulted on energy policy around the world and began his Investigations. He has consulted on energy policy around the world and began his career working on electricity restructuring and state level policies to encourage growth of clean energy markets.