The HC Commodities Podcast

A lot has changed in the last three years when it comes to investing in the energy transition. Inflation and rising rates have altered economics, the tools and the returns expected. ESG is no longer the all-conquering paradigm sweeping all theses before it. The complexity of delivering the transition (and the trade offs) are better understood. Western governments are far more focused on securing the critical raw material supply chains that will be required. War & deglobalization have sharpened competition and increased volatility. To talk about all this and how and why he is investing in the energy transition is John Dowd, former Fidelity Portfolio Manager over natural resources, and now, CEO of GoGreen Investments, a SPAC focused on the energy transition. 

 The EU has set ambitious goals to decarbonize, especially in transportation, accelerated by the geopolitical necessity to reduce reliance on hydrocarbons. However, the minerals and even technological know-how for the electron economy especially, sits largely outside the region. The also face stiff competition for both, especially from the US - supercharged by the IRA. How is Europe planning to compete? What are its proposed policies and goals? What is the Critical Raw Materials Act? What is the role of the commodity traders - all largely domiciled in the region. Our guest is JuliaPoliscanova, Director at the Transport & Environment think tank in Brussels and atransport, batteryand policy expert.    

Food inflation is persistent globally, even after the underlying commodity prices have dropped. What is going on? Will food prices normalize and if so when? Has something structural happened? And what is the outlook for the softs and grains markets in a turbulent world both in trade and weather. Is China demand growing and what does El Niño mean for crops? What does high food prices mean for global economic health and stability? Our guest is Kona Haque, Head of Research for ED&F Man, the world's biggest softs trader. 

On June 1st, in front of a live audience in London, we recorded a special live podcast to celebrate the launch of Adi Imsirovic's new book: Brent Crude Oil - the genesis and development of the world's most important benchmark. The panel consisted of some of the leading figures in the past and current development and trading of Brent. What is Brent? Why is it so important? And what does the inclusion of the WTI mean for it? Adi along with Colin Bryce, partner at Energex, Kurt Chapman, board member of Zenith and Paul Horsnell, head of commodities research at Standard Chartered discuss. To be invited to future events please sign up to HC Insider at www.hcgroup.global 

Commercial Real Estate, Rates & Renewables with Eugene McGrane The Commercial Real Estate market is in trouble. High interests rates & low occupancy are stressing central business districts across the world. Meeting the demands of the energy transition is an added challenge. Retooling our energy infrastructure requires land for new grid infrastructure – often in urban coastal areas looking to import power from wind. However, this layer of deep complexity in renewables development is often overlooked, especially as European energy companies expand in the Americas. Today we look at the real estate angle of the energy & commodities world, as well as get an update on just how bad the commercial real estate sector is. Our guest is Eugene McGrane, MD at the global real estate firm Cushman & Wakefield, who heads the offerings to energy & renewables clients.  

Coal Trading with Hayn Park Coal demand reached an all-time peak in 2022. Prices reached levels not seen for over a decade. China is permitting two new coal fired power plants a week and Germany is burning lignite to meet its power demand. Traders reaped huge rewards trying to connect a fragile, disrupted, supply chain. As the world strives for the energy transition, removing coal from our power mix is vital. Financiers and public companies have made firm commitments to this. This has pushed the coal supply chain into ever more private hands and into a more opaque and volatile arena. What is the coal market? What is its structure? How is it traded? And where is it headed. Our guest is Hayn Park, head of European energy trading at DRW and a veteran energy trader. 

In late April, we brought together a panel of leading thinkers and executives from across the sector to discuss the impacts of rising interest rates on commodities in front of a live audience in New York City. This inaugural Live HC Insider Podcast event was hosted by HC Group and Brown Brothers Harriman. Where are rates headed? What does it mean for prices, traders, producers, investment and the energy transition? Our panelists were Roland Rechsteiner (Partner, McKinsey), Lewis Hart (Managing Director, BBH), Dwight Anderson (Founder, Ospraie Management), Mark Kristoff (CEO, Traxys), and Adam Rozencwajg (Managing Partner, Goehring & Rozencwajg). The panel opened with an update on rates from Scott Clemons (Chief Investment Strategist at Brown Brothers Harriman). 

Commodities in a Deglobalizing World with Jeremy Shapiro Commodities have been at the heart of globalization. Traders roamed freely and commodities priced to the marginal cost of production. Since the mid-2010s that started to change politics moved toward populism and nationalism and geopolitical competition heated it. Today, traders have to navigate a sanction minefield and the weaponization of the dollar.  Global trade is fragmenting into blocks. What does this mean for the sector, the talent and the dollar itself. Our guest is Jeremy Shapiro, research director at the European Council on Foreign Relations and previously the senior advisor to the assistant secretary of state for Europe and Eurasia at the U.S. Department of State and a fellow at the Brookings Institution 

Commodity Indexes with Tim Kramer,  JC Kneale and Preston Peacock: Commodity indexes have grown in popularity among institutional and private investors, tracking the prices of a diversified basket of commodities to generate returns and hedge inflation, with current allocations totaling over $1.6 trillion in assets. Despite their acceptance, many investors are unsure of how these complex indexes are constructed, how returns are generated, and who ultimately determines the commodities they comprise. Furthermore, the future of these indexes remains a topic of discussion. To gain a deeper understanding of these indexes, Tim Kramer, founder and CEO of CNIC Funds LLC, is joined by Preston Peacock, Senior Director of ICE Data Indices, and J.C. Kneale, Head of North American Power and Gas Markets for ICE, to discuss the history, evolution, construction, uses, and potential future of commodity market indices, including their new power index designed for the energy transition age.Website: http://www.cnicfunds.com/Bloomberg Tickers:ICECNPIS = ICE US Carbon Neutral Power Spot Return Index (returns on underlying electricity + carbon only)ICECNPIE = ICE US Carbon Neutral Power Excess Return Index (returns on spot + roll yield)ICECNPIT = ICE US Carbon Neutral Power Total Return Index (spot + roll + collateral yield)

Description A View From the Top with Saad Rahim In this episode, Saad Rahim, Chief Economist of Trafigura, the global commodity trading house, joins us to give an overview on the current state of the commodities markets. China is open for business. OPEC is cutting production. Is Oil poised for a big rise? Are cyclical markets over...replaced by a more volatile, less efficient, price-spiking and unpredictable paradigm? Where will metals headed with continued supply constraints? Is Copper the ultimate transition metal and what does energy transition mean for the traders?