Hedgeye Podcasts Hedgeye Investing Summit Spring 2026 | Josh Crumb & Jeff Currie, Abaxx Technologies
May 2, 2026
Josh Crumb, CEO of Abaxx Technologies, building physical-commodity market infrastructure. Jeff Currie, former Goldman Sachs commodities chief, brings macro and geopolitical perspective on energy. They discuss the resurgence of asset-heavy commodities, Iran-driven supply shocks, contrast between physical markets and paper markets, Abaxx’s clearinghouse model, volatility’s role in rationing supply, and risks from crypto-style perpetuals.
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LNG Needs A Real On-Water Benchmark
- There's no single global LNG benchmark today, and Abaxx is building physically cleared LNG pricing used as a buyer-of-last-resort.
- Josh says exporters now reference on-water pricing not just Henry Hub plus liquefaction spreads.
Molecular Contagion Is Spreading Through Hydrocarbons
- Molecular contagion describes supply shortages in hydrocarbon molecules spreading across energy markets, transport and production.
- Jeff Currie compares this shock to the mirror image of COVID's demand collapse and expects prolonged price rebalancing.
Hyperliquid Benchmarks Left Many Physical Prices Missing
- Market structure concentrated liquidity around few paper benchmarks, leaving many physical pricing points unpriced.
- Josh argues this financialization distracted from building transparent physical prices across regions and supply-chain nodes.
