The HC Commodities Podcast

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.

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.