Today, we return to the subject of investing in the global commodities markets. What are the key narratives out there on Main Street, Wall street and K Street and how are they shaping opportunities? How can you sort narrative from thesis? How does policy volatility and geopolitical volatility impact investments? And in a potential return to 1970s -style stagflation, what does that mean for commodities and portfolio theory? Our guest is Shia Hosseinzadeh, Founder and Chief Investment officer of OnyxPoint Global Management LP, an alternative asset manager focused on businesses serving the commodities sector.

For more on OnyxPoint visit: https://www.onyxpointglobal.com/our-firm

For the Argus Global Markets Conference sign up here: https://www.argusmedia.com/en/events/conferences/global-markets-conference

Colin Bryce joins us to discuss ‘The Rivers of Money: Social and Economic History of Modern Oil Trading’, which he co-authored with Adi Imsirovic. Both authors participated in oil trading during its pivotal years and through knowledge of the industry, experience and contacts bring to life this period in rich detail creating a unique book, blending reportage and economic history. Why did London become the epicenter of physical oil trading? Why did Wall St look so different? Why did Singapore become the Asia hub of commodities? What are the origins of the trading houses and how did they come to dominate the sector? This book should be on the shelf of any commodity professional. Rich in anecdotes, characters and rooted in the heart of world history over the last 50 years, the book is both enjoyable and important. 

You can buy the book here: https://a.co/d/8oiMuWS

Today, we discuss three critical minerals to illustrate, and challenge or reinforce the common narratives out there, the intractable problems those supply chains face - even with projected soaring future demand. And consequently, the influence these elements have on geopolitics and economics. Influence that is only growing. We're talking Yttrium, Rhenium and Graphite and each one tells a different story about our modern economy about the critical mineral supply chain and pricing and some of that challenges that poses to governments, companies and us as individuals. To tell those stories we are rejoined by Ellie Saklatvala, Head of Metals Pricing at the Independent Price Reporting Agency, Argus. 

Today, we're joined by Doomberg, the most popular energy and commodity focused sub-stack. He and his team publish over 90 articles a year on the intersection of global energy and commodity policy, geopolitics, risk and technology. Today, it's Doomberg unleashed. How close are we to World War III? Are we already in it? What does that mean for the energy and commodity supply chains. How sanctions and tariffs not only reshape global commodity flows, but also weaken the West, and what the “One Big Beautiful Bill” means for American industry and the energy transition, and much more. Always a challenging and fascinating discussion. 

Chip War: How semiconductors became the new oil with Chris Miller Semi-conductors, microchips, are the new oil - the scarce resource on which the modern world depends. Today, military, economic, and geopolitical power are built on a foundation of computer chips. This has only accelerated with the emergence of AI. Yet, the supply chain is incredibly concentrated with just a handful of countries and companies dominating. As with oil in the previous century, chips sit at the center of geopolitics, great-power rivalry and trade, especially between the US and China. How did chips become some crucial and their supply chains so concentrated and what does it mean for all our futures? Our guest is economic historian Chris Miller, author of Chip War - The Fight for the World's Most Critical Technology, the New York Times best seller.

Today, we do a deep dive into the role and challenges of a transaction lawyer in the energy transition. And why lawyering in the energy transition is lawyering on hard mode? What are the  sources of complexity? What are the pain points about getting a project developed? How has current policy volatility impacted the energy transition particularly in the US? And what might the future hold? Our guest is Daniel Anziska.Daniel is an infrastructure and regulatory lawyer and partner at Troutman Pepper Locke ,a leading US energy transition infrastructure law firm. 

Today, we investigate the intersection of the energy transition, critical minerals and defense. As with commodities, warfare is also going through rapid and profound change, with the electrification of defense over the last 20 year. Batteries proliferate the battlefield and the energy transition is impacting national security. We are seeing the shift from capital assets to small, cheap weapons such as drones that can have profound impacts. This poses a particular problem for the US, where energy dominance has been based in hydrocarbons along with their warfare fighting capabilities. Now in an electrified battlefront, supply chains that support them sit in China, threatening the West's defence capabilities. Our guest is Joe Bryan, principal at Muswell Orange, a boutique consulting firm, focused on energy and particularly its intersection with national security. Before his return to the private sector, Joe was a senior advisor to the Secretary of Defense and was the Department sector, of Defense Chief Sustainability Officer. He previously served as Deputy Assistant Secretary for the Navy for Energy, where he was responsible for policies relating to the Department's installation and operational energy programs. Earlier in his career, Joe led investigations for the Senate Armed Services Committee and served on both Senate's Select Committee on Intelligence and the Permanent Subcommittee on Investigations. He has consulted on energy policy around the world and began his Investigations. He has consulted on energy policy around the world and began his career working on electricity restructuring and state level policies to encourage growth of clean energy markets.

In this episode, we discuss the impact of conflict and war on commodities markets through the lens of a brand new book by Dennis Voznesenski: War and Wheat. Dennis is an agricultural economist at the Commonwealth Bank of Australia and prior to that at Rabobank. Thoroughly researched, War and Wheat tells the story of how the agricultural markets fared during World War I, World War II and the recent Russian invasion of Ukraine and elucidates key learnings on how commodity markets function and how commodity traders can better navigate the more volatile times ahead.  The book is available here: https://www.amazon.com.au/War-Wheat-Navigating-markets-conflict/dp/1763580938

HC Group's Q2 Market Review - our quarterly magazine covering people trends, moves and analysis from within the global energy & commodities sector is available for download.

Visit:https://www.hcgroup.global/insights/market-reviews/access-market-review-q2-2025 

Likewise you can download Hyperion Search's clean tech and renewables here: https://hyperionsearch.com/

In 2024 the Lithium market saw huge price drops related to oversupply, a slowing EV adoption rate globally, as well as macroeconomic headwinds. Is this a pause or a more structural challenge? What is the long-term demand picture? How does geopolitics fit within that? Does technological change threaten the outlook? And in such a volatile market, why is risk management essential? Our guest is Caspar Rawles, Chief Operating Officer at Benchmark, the Independent Price Reporting Agency for Critical Minerals, including Lithium,  which will soon be launching three Lithium futures contracts with the Intercontinental Exchange, ICE. What are those contracts and what do they mean for the sector?