The HC Commodities Podcast

Tantalum… a story of insatiable demand with Hadley NatusYou probably have not heard of Tantalum. However,  like the Greek mythological figure it is named after, the world is developing a need for it which is not easily satisfied. The supply chain of Tantalum also poses some fundamental questions on the supply chain of the electron economy. Tantalum is in our cell phones, TVs and EVS due to its remarkable properties. However, it is produced by artisanal miners in Congo. In this episode we discussed Tantalum’s role in energy transition, its supply chain and solutions to meet the world’s growing demand in an equitable way. Our guest is Hadley Natus who provides us a clear-eyed, insiders view on the Tantalum trade. Haldeyis the Chairman of Tantalex and CEO of Afrimet.

Oil Supply & Demand in 2030 with Joel Couse The energy transition will not be an easy path for a world built on hydrocarbons. The demand picture for the next decade is easier to divine than supply. To meet continued demand, more oil needs to be discovered and produced and more refineries are needed to transform it into the products we use. But who will invest? Who will  finance? And who will do it. What oil will be drilled and what will gasoline cost in 2030? What will be the consequences of disruption to this finely balanced market. Our guest is Joel Couse,Special Advisor - Energy Markets and Security at the IEA. Prior to the IEA, Joel was Chief Economist for TotalEnergies 

The Case for Sustainable Aviation Fuel with Steve MawerGrowth in commercial air travel is unrelenting and so its carbon footprint - worrying airlines, passengers, and policy makers alike. Yet, air travel is the hardest to abate sector. Heavy batteries and decades long development cycles mean air travel won't be electrified any time soon. This is where SAF steps in. What is it? Where is it produced and what is the demand and policy support for it? And can it meet the needs of the industry? Our guest is Steve Mawer, Chairman of Calumet and its Montana Renewables subsidiary- a key producer of renewable fuels in North America 

The Price of Time with Edward ChancellorAward-winning, financial journalist and historian Edward Chancellor join us to discuss interest rates and the impact on the commodities sector. Interest rates – the price of money and time – have been unnaturally low since the global financial crisis. This has led to a profound impact on finance and society. Global corporates found financial engineering more “profitable” than focusing on products and operations. Assets inflated and inequality widened. In the commodities world, the cost of carry and cost of finance, was essentially zero. Energy tech plays were awash in money and valuations sky high. Rates are now rising and those same engineered corporates are becoming zombies. China risks economic Armageddon as the global carry trade ends. Assets prices are falling and financially stressed commodity traders, now face higher rates. Edward argues higher rates will return the world to profitable growth and risk allocation unless political will to reverse rates wins…

In part 2, we examine how the retail fuel world will manage the next decade and the transition to EVs. Will the highly efficient supply systems built over the last two decades decay as investment (and maintenance) dries up? What will happen to prices? Who will trade and who will have the last gas pump in town? How will fuel retailers pivot to EVs? Where will roadside chargers be and will retailers become power traders? How will the power industry respond and what will the challenges be? Will Hydrogen play a role? All this and more in part two with Doug Haugh. 

Margin, Volatility & Supply in Retail Fuel with Doug Haugh: Part 1Fuel is the key driver in the oil market. The story of how diesel and gasoline reach the pump, and who traded it on the way, has shifted dramatically over the past 30 years. Producers, Traders and retailers have ebbed up and down the value chain on the tides of margin, volatility and market efficiency. In that journey, trading teams in the US and Europe have been built and shed. As such, it’s a story that is a microcosm of many stories of many commodities over the past 30 years. In Part 1 of this two part series, our guest Doug Haugh takes us through the strategies, conditions and outcomes of the market participants and brings us to the present day and the challenges the retail fuel space faces. Doug has been at the forefront of these changes throughout his career, including latterly as President of Parkland USA, the fastest growing fuel retailer in North America.

The ocean is the world’s largest battery, charged by the sun and the wind year round. Harnessing that energy for power generation has proved problematic for years. Yet, it would bring significant advantages over, and in combination with, the existing renewables suite; lowering intermittency and solving for issues of land use and scale. What is the status of the race to harness the waves? What are the design and environment challenges? And what could be its future?  In this episode, we explore Wave Power, the challenges, the technologies and the benefits that could lead it to becoming a vital part of our decarbonization infrastructure. Our guest is Jan Skjoldhammer, investor, inventor and founder of Noviocean – a pioneering renewables company at the very leading edge of power generation from waves. You can find links to the documents we discuss in the episode here: https://noviocean.energy/documents/ 

Oil & Gas Markets in 2023 with Paul HorsnellIn this episode we are joined by Paul Horsnell, Global Head of Commodities Research at Standard Chartered, to review the major events that impacts oil and gas markets, as well as broader commodities, in 2022 and what major themes and learnings we can take into 2023. 2022 was an extraordinary year for the commodities sector with organizations struggling with unprecedented volatility while managing long term themes of a shifting political and global economic environment and energy transition. 2023 will likely be the same and Paul generously provides his view on how markets will behave and the key events to look out for. 

The Fate of Rome: climate, disease and the end of an empire with Kyle Harper (Christmas Special)  The Roman Period affords us one of the most documented and detailed histories of an ancient civilization. Yet since Edward Gibbon, its decline and fall remains hotly debated. However, over the last couple of decades we have complemented the written evidence with a wealth of climate and disease research. The result is a striking new view and one with echoes for our time. Climate change was foundational to Rome’s rise and instrumental in its subsequent fall, combining with attendant pandemics falling on a weakened population. In the wake of COVID and rapid climate shocks, what warnings does this history hold for us? In this Christmas special, we welcome Kyle Harper, G.T. and Libby Blankenship Chair in the History of Liberty; Professor of Classics and Letters at The University of Oklahama and author of The Fate Fate of Rome: climate, disease and the end of an empire.    

Insects & Commodities with Charlie DrewInsects are fundamental to the commodities world. As pollinators, they are crucial to the agri sector and food production. Increasingly, they are being used to recycle trash and farmed to provide protein for aquaculture, animal husbandry and even humans. However, these very alien creatures also show us a way to think very differently too – generating a collective brain created by thousands of individuals in a colony. And it is this decision making process that is informing Swarm Technology’s very different investment fund. Here to talk all things insects from farming to investing is Charlie Drew, Co-Founder and COO of Swarm Technology (https://swarmtechnology.com)