Understanding the World's Most Unusual Commodity Cycle
In this episode, Chris interviews Grant Isaac, COO of Cameco, to unpack why uranium is a uniquely atypical commodity—its primary consumers secure fuel years in advance, leaving virtually no in‑year demand. Isaac explains Cameco’s vertically integrated model, spanning mining, milling, conversion, and fuel fabrication, and how long‑term, privately negotiated contracts dominate the market while spot trading remains a small, discretionary slice. The discussion highlights the extreme concentration of uranium supply, the strategic importance of state‑controlled assets, and the nuances of contract pricing mechanisms such as base‑escalated versus market‑related agreements.
MSNOW Velshi & RUHLE WHAT COULD SHORTAGES MEAN.
The episode explores how ongoing oil and gas shortages—exacerated by the war in the Middle East and Iran’s mining of the Strait of Hormuz—could keep fuel prices high well beyond a cease‑fire, affecting jet fuel, diesel, and global supply chains....
Divided He Falls. But Stays.
The episode reviews the latest surge in oil prices amid a stagnant Gulf crisis and recent statements from Donald Trump, while dissecting the Federal Reserve’s latest meeting where Jerome Powell held rates steady and faced an unprecedented four dissenters, signaling...
Trump's Real Plan: It Was Never Just About Iran
In this episode Amber Duke examines three major stories: the UAE’s departure from OPEC, which she frames as a strategic pivot toward the United States and Israel to counter Iran and China’s influence; the controversial $8.7 million federal funding of the...
Water Tower's Severson: The Economy Sees $75 Oil 'as the New $60'
In this episode, host Chuck Jaffe talks with Sean Severson, CEO of Water Tower Research, about the emerging "$75 oil" market, which he likens to the former $60 oil era, and how it’s reshaping investor expectations for energy stocks and broader...
Jet Fuel Pricing and Supply Risk: Implications for Global Business Travel
In this episode, Callum Hawley talks with Ben Park and Peter Harbison about the rapid escalation of Middle East tensions and its impact on jet fuel supply, pricing, and airline capacity. They explain how limited hedging, especially of the jet‑fuel...
Monday: Way Cleared for Warsh to Be Fed Chair
The episode covers the ongoing closure of the Strait of Hormuz, the stalled Iran‑Pakistan peace talks, and the clearing of Kevin Walsh’s path to become Federal Reserve Chair. ANZ senior commodity strategist Daniel Hines explains how oil production shut‑ins in...
Global Commodities: Running the Numbers on Gas
In this episode of At Any Rate, JP Morgan gas analyst Atar Kavuadza explains how the ongoing Middle East conflict has crippled LNG flows through the Strait of Hormuz, leaving roughly 16 vessels idle and cutting about 300 million cubic metres per...
SAF Insights: European SAF Market Holds Breath on Jet Price Surge
The episode examines how the Middle East conflict has driven European jet fuel prices from about $800 to over $1,900 per tonne, more than doubling them and widening the gap with crude and diesel. SAF (HEFA-SPK) prices also rose, but...
Apr 23 | Commodity Week
In the April 23 edition of Commodity Week, Todd Gleason and panelists Brian Stark (The Andersons), Kurt Kimmel (AgMarket.net) and Dave Chatterton (Strategic Farm Marketing) dissected the current U.S. corn and soybean markets. They highlighted a strengthening corn and bean basis,...
Fertilizer Matters EP48: Feed Phosphates Market Fundamentals
In this episode, Argus experts explain that feed phosphates—calcium and phosphorus supplements for livestock, poultry, and aquaculture—are a major driver of non‑fertiliser P2O5 demand, with China producing over half of the global 9 million tonnes and exporting 1.3 million tonnes. Prices have...
MacroVoices #529 Ole S Hansen: Commodities in The Wake of The Iran Crisis
In this episode, Saxo Bank’s chief commodity strategist Ola Hansen explains how the Iran crisis is rippling through energy markets, refined products, fertilizers, metals and agriculture, creating extreme backwardation in crude oil futures. He argues that the forward curve’s steep backwardation...
Reshaping French Energy
In this episode, Emmanuel Vargon, president of France's energy regulator Creux and chair of the EISA board, discusses the current state of the French wholesale energy market, highlighting its strong nuclear base, growing renewables, and increased market liquidity after the...
U.S. Department of Justice Launches Criminal Probe Into Beef Industry Practices
The DOJ has opened a criminal investigation into the beef industry's pricing practices, focusing on concerns that packers may be manipulating cash‑less, formula‑driven pricing systems like gridding. Host Sean Haney explains that ranchers worry about reduced price discovery and packer...
American Gold's Prez Sees Gold Hitting $6,000 Within 18 Months
The episode explores three main topics: the massive wealth transfer from baby‑boomers (about $84 trillion expected to shift by 2040) and how inheritors are often switching away from their parents' financial advisors; the outlook for gold, with American Gold Exchange president...
Monday: Oil & US$ to Rise as Strait Closes Again
The episode examines the renewed closure of the Strait of Hormuz after Iran attacked two vessels, sparking a rebound in oil prices and heightened geopolitical risk. ANZ economists explain that while oil may climb $1 per barrel in Asian trade,...
Global Commodities: Prices Get Relief
In this episode, J.P. Morgan Global Commodities Research analyst Greg Shearer explains how the recent reopening of the Strait of Hormuz and damage to Middle‑East aluminum smelters are reshaping supply dynamics for both oil and aluminum. He uses a "black‑hole"...
Back From the Fields: Romania and Ukraine Crop Tours Apr 26
In this episode Angelica and Claudia review their March virtual crop tours of Ukraine and Romania, updating the 2026‑27 wheat forecasts to 23.5 Mt for Ukraine (down 0.4 Mt due to a smaller harvested area but with yields steady at 4.6 t/ha) and...
Apr 16 | Commodity Week
In this episode of Commodity Week, Todd Gleason and panelists Naomi Bloom, Greg Johnson, and Jim McCormick discuss the current pressures on U.S. corn and soybean markets, focusing on rising fertilizer costs, supply chain disruptions in the Middle East, and...
Mounting Risks for Global Beef Prices: What's Driving Market Uncertainty?
In this episode of Platts Commodities Focus, analysts discuss tightening global beef markets driven by constrained US cattle supplies, China's new safeguard tariffs, and the impact of the Middle East war on freight costs. US herd shrinkage and reduced Mexican...
The Economics of Nitrogen, a Phosphorus Squeeze, and the Science Fair | Wheat Pete's Word, Apr 15, 2026
In this episode of Wheat Pete's Word, Pete discusses the stark regional weather variations across North America and their impact on wheat and corn planting, highlights a looming phosphorus fertilizer shortage due to mine closures in Brazil and Morocco, and...
AUDIO: The Impact of International Conflict on the World’s Oil Pipeline
The episode examines how simultaneous disruptions at three key maritime chokepoints—the Strait of Hormuz, the Red Sea/Suez Canal corridor, and the Panama Canal—are creating a system‑wide shock to global oil and LNG shipping. The guest from the Center for Ports...
Metal Movers: Copper’s Volatile New Landscape | Argus Media
The episode dissects copper’s recent volatility, tracing a 2025‑2026 price surge to a mix of tight physical supply, looming U.S. tariffs, and a wave of financial speculation that pushed LME prices above $14,000 per tonne. Experts explain how lower ore...
Metal Movers: Strait of Hormuz - How Sulphur Is Impacting the Copperbelt
In this joint Argus Fertilizers and Argus Metals episode, the hosts examine how the Middle East conflict, especially the closure of the Strait of Hormuz, has choked sulfur shipments that feed the African copper belt’s leaching operations. Sulfur prices in...
Global LPG Conversations
In this episode of Global LPG Conversations, Argus SVP David Appleton and consulting head Jack Greenwood field unanswered questions from a recent webinar, focusing on the market fallout from the April 8 cease‑fire announcement between the US and Iran. They...
PPA Slowdown – Temporary or Permanent?
The episode examines why Europe’s power purchase agreement (PPA) market has slowed, highlighting a shift from a high‑growth phase to a mature, risk‑focused regime driven by falling capture rates, negative prices and market saturation. Guests Alina Travattoni and Luca Pedretti...
A Robust Market Reaction to a Quite Fragile "Cease-Fire" In Iran.
The episode analyzes the market fallout from a fragile two‑week cease‑fire between Iran and Israel, focusing on oil logistics, price volatility, and speculative positioning. Hosts note that despite ongoing missile launches, the cease‑fire has sparked a sharp drop in Brent...
The Biofuels Report: RFS Reset - US Biofuel Mandates Evolve
The episode breaks down the EPA’s final rule on the Renewable Fuel Standard (RFS) for 2026‑27, highlighting higher biofuel mandates, reduced RIN credits for renewable diesel and SAF, and a new import‑feedstock rent scheme slated for 2028. Cole Martin explains...
Tuesday: Oil Price Rises After New Trump Threats
The episode covers how Donald Trump's threat to strike Iran's energy and water infrastructure spiked oil prices by about 2%, while U.S. jobs data showed strong payroll growth but weakening wage gains, easing pressure on the Fed. ANZ economists discuss...
Last Energy Crisis, This Sector Went Up 20x (Ferg Cullen)
In this episode, trader Ferg Cullen breaks down the current energy crunch, highlighting how the EU’s abrupt move away from Russian gas and nuclear power has left it vulnerable, while Asia’s coal demand surges. Cullen explains his bullish call on...
Global Commodities: A Month of Disruption
In this episode, JP Morgan analysts Greg Scheer (Precious Metals) and Tatar de Boadze (European Natural Gas) dissect the fallout from the escalating Middle‑East conflict on commodities. They note historically low European gas inventories (18‑28% full) and limited LNG flows, while oil...
Chemical Conversations: BTX Market Pressures Amid Middle East Conflict
In this episode, host Santosh talks with Ashish Kulkarni, Lead Aromatics Consultant at Argus, about how the Middle East conflict is driving crude price volatility and tightening NAFTA supplies, which in turn is squeezing benzene, toluene and xylene (BTX) markets...
Coal Makes a Comeback
The episode examines a tentative resurgence of coal in Europe’s power mix as soaring gas prices—driven by the Middle East conflict—make coal comparatively more economical. Guest Lawrence Walker and analysts Toby Hassel and Firat Elgene explain that while coal imports...
Metal Movers: How the Iran Conflict Is Impacting Steel Markets
The Metal Movers episode examines how the Iran‑Israel conflict has disrupted global steel markets, from the closure of the Strait of Hormuz to direct strikes on Iranian steel plants. Reporters detail the immediate supply shock—loss of roughly 500,000‑600,000 t/month of Iranian...
Copper & Gold: Pricing the Physical vs the Narrative with Grant Sporre (Episode 300!)
In this episode, Bloomberg Intelligence analyst Grant Sporer breaks down the physical supply chains of copper and gold, explaining mining, processing, and tradable forms while highlighting the dominant role of China in copper smelting. He contrasts copper’s industrial demand—driven by...
Fertilizer Matters EP44: Chinese Ammonia Market
In this episode, Argus senior reporter Denise Cheng talks with ammonia market editor Roof Sharp about the launch of Argus' new China FOB ammonia price assessment and the shifting dynamics of China's ammonia trade. China, once a major importer, is...
Strait Talk: Crisis in the Gulf
In this episode Tom Reid of Argus discusses the escalating Hormuz crisis with Dubai‑based colleagues Nada Itayim and Bashar al‑Halabi. They examine the U.S. deployment of the USS Tripoli, the strategic importance of Iran’s Kharg Island as a major oil export...
Crude Report: Hormuz Disruptions Put Canadian Export Crude in the Global Spotlight
In this episode Jeff Kralowitz talks with Argus senior reporter John Kordner about how the recent disruptions in the Strait of Hormuz have boosted Canadian heavy crude exports. With freight rates soaring, Canadian grades are now more competitive than Middle‑East...
Fuel on the Fire
The episode examines how the escalating Iran‑Houthi conflict is driving oil prices above $100 per barrel and triggering a sharp market sell‑off. It highlights the G7 finance ministers' meeting, where they will discuss measures such as cutting fuel duties to...
Fears of Fuel Shortages Lead to Panic Buying in Australia
The episode examines the recent fuel shortages at Australian petrol stations, attributing the empty pumps largely to panic buying rather than a supply disruption from the Israel‑Iran conflict. Independent station owner Steve Amos describes how demand spiked, forcing wholesalers to...
Beef Market Update: Strong Lean Beef Demand Supports Cattle Prices Despite Boxed Beef Pullback
In this Beef Market Update, Anne Wasco of Gateway Livestock Exchange reports that strong lean‑beef demand is keeping cattle prices firm despite a pullback in boxed beef and a recent packer strike. Cash markets remain steady around $235 live and...
Context Call: March 2026
In this episode, the host analyzes the immediate oil market impact of a potential closure of the Strait of Hormuz, which transports about 20 million barrels per day—roughly one‑fifth of global supply. He explains that this volume creates a market "hole"...
Deal or No Deal? Conflict Drives Oil Volatility and UK Inflation
In this episode, Charlene Young and Tom Sieber dissect how the ongoing Iran conflict is fueling oil price volatility and feeding into UK inflation pressures, while also reviewing the latest UK CPI data and government energy support plans. They highlight...
How Capital Cycles Create 100 Baggers (Django Davidson)
In this episode, Django Davidson explains the capital cycle framework—a supply‑focused, mean‑reverting approach to investing that emphasizes measurable supply constraints over demand storytelling. He traces its origins to Jeremy Hosking’s experience with the PC boom, outlines how capital misallocation drives...
Mar 26 | Commodity Week
In this episode of Commodity Week, panelists Todd Gleason, Dave Chatterton, Kurt Kimmel, and Greg Johnson discuss the current grain market landscape, focusing on headline risks from the Iran‑U.S. conflict, upcoming USDA acreage and stocks reports, and the impact of...
Another Power Crisis
In this episode of Plugged In, the hosts examine how the war in Iran is reverberating through Europe’s power markets, reigniting price volatility and testing the resilience of the continent’s energy transition. Julia Demedag outlines Germany’s improved but still gas‑dependent...
Is the Oil Crisis About to Break Global Supply Chains?
In this episode, Ed Elson and Flexport CEO Ryan Peterson discuss the cascading effects of the Strait of Hormuz closure and Red Sea disruptions on global supply chains, highlighting soaring oil, diesel, and fertilizer prices and a 50% rise in...
The Crude Report: Crude on War
In this episode of the Argus Crude Report, Lina Bullock and Mediterranean reporter Eleni Krak discuss how the Middle‑East Gulf War is reshaping crude supplies for European refiners. They explain that Europe faces a loss of roughly 600,000 barrels per...
The Philippines Declares State of Emergency over Fuel Crisis
The episode reports that the Philippines has declared a national energy emergency as diesel and petrol prices more than double amid the US‑Israel‑Iran conflict, prompting an executive order that lets the government control fuel distribution, purchase supplies, and subsidise costs....
Unpacking the Global Poultry Price Flip: Why Are Chicken Legs Now Pricier than Breast Meat?
The episode examines an unprecedented shift in global poultry pricing, where frozen boneless chicken legs are now trading at a premium to breast meat, driven by bird‑flu disruptions, Brazil’s labor shortages, and China’s emergence as a net exporter. Graham Stile,...