The HC Commodities Podcast
Paul Chapman, HC Group
For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global
Each day, around the world, we have fascinating one-on-one conversations with our connections in the commodities sector. Our collaborators are uniquely informed, creative and inspirational in their fields. We want to provide our community a seat alongside us, listening in to these conversations in that special way podcasting provides as we tackle topical and people related issues with the leaders and leading minds in our sector. Visit www.hcgroup.global more information on us and our services.
To connect with our host Paul Chapman, you can find him at www.linkedin.com/in/paulchapmanhc/
Each day, around the world, we have fascinating one-on-one conversations with our connections in the commodities sector. Our collaborators are uniquely informed, creative and inspirational in their fields. We want to provide our community a seat alongside us, listening in to these conversations in that special way podcasting provides as we tackle topical and people related issues with the leaders and leading minds in our sector. Visit www.hcgroup.global more information on us and our services.
To connect with our host Paul Chapman, you can find him at www.linkedin.com/in/paulchapmanhc/
Episodes
Mentioned books
Mar 27, 2026 • 47min
The Iran War: the view from CERA Week with Nick Kumleben
Nick Kumleben, macro and commodities analyst at Greenmantle, offers a sharp take from CERA Week. He describes the tense market mood, short-term supply strains on diesel and jet fuel, and limits of strategic petroleum releases. He explores sanctions erosion, deglobalization, energy security driving clean tech, and the risk of wider escalation and food shocks.
Mar 25, 2026 • 44min
Spice: The Commodities that Shaped the Modern World with Roger Crowley
Roger Crowley, award-winning historian and author, explores the 16th-century clash over nutmeg and cloves. He traces rare island origins, dramatic long-distance trade routes, and Portuguese naval tactics that rewired global power. Conversations cover Dutch and English merchant capitalism, violent monopolies in the Moluccas, and how spice fortunes reshaped maps, markets, and modern commodity practice.
Mar 18, 2026 • 43min
Molecular Contagion with Jeff Currie
Jeff Currie, global head of commodities research and energy markets strategist, weighs in. He explains physical constraints on oil flows and why paper markets may lag reality. He explores supply-chain contagion into petrochemicals and agriculture. He links geopolitical shocks to a rotation into heavy, low-obsolescence assets and lasting risk premia.
Mar 18, 2026 • 51min
The Strait of Hormuz and Asia with Tom Reed
With the Strait of Hormuz virtually closed, what does that mean for the regions biggest customer - Asia? Tom Reed, VP of Crude and Products at Argus Media joins us to provide a detailed examination on the impact of Israel and the US's joint attack on Iran on crude and product flows from the region. What were the flows prior to the attack? What has it meant for traders, contracts and customers? Is China tapping its Strategic Petroleum Reserve? And will Asian countries start to ban the export of fuels?
Mar 13, 2026 • 50min
Gulf War 3 and Global Financial Crisis 2? Special with Nick Kumleben
Nick Kumleben, Director at Greenmantle and geopolitical risk analyst, breaks down how the Israel–Iran conflict ripples through energy and finance. He discusses crude volatility, strategic oil reserves, chokepoint risks like the Strait of Hormuz, trader stress from margin calls, contagion into food and chips, and how different military or diplomatic outcomes could swing markets.
Mar 11, 2026 • 53min
US Energy Supply, Bottlenecks and Private Equity with Jason Downie
Jason Downie, Co-founder and Managing Partner at Tailwater Capital, specializes in energy infrastructure and private equity. He discusses Shale 3.0 and how longer laterals and tech gains changed production. He explores AI-driven power demand and why natural gas will underpin reliability. He maps midstream bottlenecks, last-mile needs, and where private capital can plug gaps for LNG and grid growth.
Mar 4, 2026 • 45min
Emergency Pod: Gulf War III and Commodities
Nick Kumleben, Director of the Geopolitical Risk Consultancy founded by Niall Ferguson, Greenmantle, rejoins us to discuss the latest events in Middle East. What are the short, medium and long-term consequences of Israel and the US's joint attack on global trade and commodities. What are some non-linear effects and why ultimately duration is key.
Mar 4, 2026 • 49min
Repricing Power: How Clean Energy is Reshaping Global Power Markets, with Luca Pedretti
Luca Pedretti, CEO and founder of Pexapark, a pricing intelligence firm for clean energy. He discusses how PPAs evolved into complex contracts, why battery storage is shifting value to hourly spreads, and how renewables are causing market repricing, negative prices and curtailment. He also contrasts US and European market designs and forecasts consolidation and storage momentum ahead.
Feb 25, 2026 • 55min
The Rystad House View and Notes From IE Week, with Claudio Galimberti
Claudio Galimberti, Chief Economist at Rystad Energy, gives a concise House View on global energy supply, demand and geopolitical risks. He discusses IE Week sentiment and Iran scenarios, Venezuela’s slow recovery, Russia–Ukraine trade shifts, a 2026 oversupply risk, AI’s unclear effect on energy, electrification in the Global South and China’s EV-driven transition.
Feb 18, 2026 • 50min
Techno-Barbarians at the Gate: AI is coming for your operating model with Eren Zekioglu
Eren Zekioglu, experienced trader and operations-tech executive from Glencore and Gunvor, explores how AI, digital assets and tokenisation are reshaping trading operating models. He contrasts hedge funds and trading houses, highlights agentic automation versus alpha generation, and outlines rapid shifts in settlement, middle/back office consolidation, and new DeFi-native entrants.
