The HC Commodities Podcast

In Part 2, Mark Crandall relives the events that led to the founding of Glencore and Trafigura. Why did Claude Dauphin go his separate way and what was the founding vision for Trafigura? How had Marc Rich already set the vision for the trading houses which would lead to their domination? How has that dominance led to almost insurmountable barriers to entry for aspiring competitors today? And what was it about these singular individuals that led to their success?

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

Our Global Our Middle & Back Office Salary Report 2025 is now available for purchase. Published by HC Group's Talent Intelligence team. the report covers salary benchmarks for Risk, Legal & Compliance, Corporate Finance (includes STF/Treasury), Finance & Accounting,Technology
& Human Resources positions across all commodity trading hubs. The report, created using proprietary data, is designed for HR leaders and company officers to calibrate salaries in this competitive market as we head into business planning for 2026. For more information, visit https://www.hcgroup.global/energy-trading-report or email [email protected]

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

Today, we're joined by Mark Crandall, one of the founding fathers of the modern trading house and the commodities sector as we know it today. Mark started his career at Morgan Stanley, where he helped launch its commodities desk, before joining Marc Rich & Co. Mark went on the have a pivotal role in, and ring-side seat to, the machinations that lead to the founding of Glencore and Trafigura. In Part 1, we cover his early career leading up to the famous split at Marc Rich & Co. We discuss the rise of the Wall Street Refiners and what made Marc Rich special and the company he founded shape the industry even today.

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

On October 1st, at HC Group’s Headquarters in London, host Paul Chapman interviewed Colin Bryce and Adi Imsirovic about their new book – Rivers of Money - in front of an invited audience of 100 friends, former colleagues and industry veterans. Why did they write the book, what stories and insights stand out and who received a pickled pig’s head at their desk (it later transpired the sender was in the audience)? Which other stories had to be left on the cutting room floor and what are the biggest risks the industry faces today and in the future? If you want to know about future events, sign up at https://www.hcgroup.global/newslettersignup

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

HC Groups’s Q3 Market Review is available to download here: https://www.hcgroup.global/insights/market-reviews/access-market-review-q3-2025

400+ notable people moves. An editorial by podcast host Paul Chapman on US talent in turbulent year to date. Articles on APAC liquid fuel trends and how participants are recruiting and training Gen Z and much more.

You can also download www.hyperionsearch.com Cleantech and renewables review here: https://interactive.hcgroup.global/hyperion-search-market-review-q3-2025/full-view.html

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

Today, we are joined by the award -winning author Mark Kurlansky, whose books such as The Big Oyster, Paper, Salt and Cod tell us how commodities have shaped history and in turn the present day. Why commodities sit at the very heart of human history creating cooperation, trade but also war. Mark shares his views on the books and how they fit in with the current world, his views and philosophy on free trade, and how that might be in jeopardy and what his future books porjects are.

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

The HC Commodities Podcast was invited to host a panel at the excellent Argus Global Markets Conference in London on September 30. We discussed how the commodities world is adapting trading strategies to markets now driven by Truths Socials, algorithmic sentiment, shifting geopolitics and increasing government intervention. A world where the fundamentals of supply and demand are only part of the picture. Is this new or just a reversion to a more normal world? Is it cyclical or structural? What does it mean for skillsets and participants? Our excellent panelists discuss: Saad Rahim, Chief Economist at Trafigura, David Fyfe, Chief Economist at Argus, Nick Kumleben of Greenmantle and Kurt Chapman, legendary oil trader and Director at Levmet.

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

What actually is systematic trading and the capabilities behind it? How can it generate returns? How can it inform the broader trading desks and organization's decision making? How is it delivering a competitive advantage and strategic edge to companies behind those returns? What have been the developments over the last couple of years? And how is such trading shaping the markets themselves? Our guest is Hans Balgobin, who has had a career as a systematic trader and building systematic trading platforms both in equities and energy, with the likes of HSBC, Shell and Millennium and is now joining Uniperin a systematic trading role. His views expressed herein represent his own and not those of any organization.

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

Recorded at the Canadian Crude Oil Conference in the wonderful Lake Louise in Canada on 17th September 2025, Randy Ollenberger of BMO Capital Markets, dives into global oil fundamentals, Canadian crude production in a changing world and what that means for oil and gas equities. Sanctions, tariffs, pipeline expansions and Canadian politicians (reacting to a very different relationship with the US meant) has led to profound changes and opportunities in this once quiet sector. Our sincere thanks to the Board of the CCOC (www.ccoconline.com) for the invitation, and in particular to Aarnoud van Weelderen for his support.

To view BMO Financial Disclosures visit: https://research.bmo.com/public/disclosure_statements

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

In this episode, we tackle disputes, arbitration, and the challenges of navigating a fractious commodities world. Energy and natural resources have always sat at the heart of international transactions and, in today’s more volatile climate, disputes are arising more frequently. What happens in international contract disputes? What is international arbitration? And how can companies best mitigate the risks upfront? What are the most effective strategies for handling disputes and arbitrations once you are in them?
Our guest is Alex de Gramont, Partner and Head of International Disputes at Womble Bond Dickinson, an international law firm with a strong focus on energy and natural resources. For more on Enco Insights and their expert witness offering, please visit: https://www.encoinsights.com/

HC Commodities Podcast Live Event: Rivers of Money Book Launch
On October 1, HC Group will welcome Colin Bryce and Adi Imsirovic, authors of The Rivers of Money, to our London office for an evening of networking, drinks, and a special live recording of the HC Commodities Podcast. Tickets are free, but spaces are limited. Register here: https://www.eventcreate.com/e/rivers-of-money-event

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