The Price Of Everything

 In this episode of The Price of Everything, we're returning to Sustainable Aviation Fuel (SAF). The SAF landscape is very fresh and emerging as a real focal point in the energy transition space, so there are various ways to look at the SAF market.  Our guest for this episode is going to help us view SAF from a project finance side. John May, Managing Director at Hamilton Clark Sustainable Capital, Inc. is known as perhaps known as the world's leading project financier for SAF project development.  John gives us some fantastic insight into the role investment banking plays in SAF markets, how "hot" SAF is right now globally, the costs associated with commercial scale, and much more. This episode of The Price of Everything was introduced and presented by David Elward. It was produced by Andrew Wheeler at General Index, in collaboration with Sassy Clyde and Fraser Heanue of Janno Media. If you’ve enjoyed this episode, or if you have any ideas and would like to be involved in future episodes, then please get in touch. Learn more about GX and how we’re bringing robust, reliable price transparency to the world’s commodity markets. About Hamilton Clark Sustainable Capital, Inc. Throughout the past 30 years, Hamilton Clark Sustainable Capital, Inc. have assisted public and private companies that are overlooked by large Wall Street firms and by regional investment banking firms that had merged into larger financial institutions.  Typically, their financing transactions are sourced from institutional private equity, venture capital or strategic corporate investors who were looking to extend their R&D and project activities by investing in promising new projects or technologies.  They also assist private companies in selling their business, as well as helping large companies divest of non-core operations, and they advise on shareholder value enhancement engagements.  Based on the prior banking and investment banking experience of their Managing Directors, they have been sought out by companies that want Wall Street experience but without the cost, complexity, or attitude of a Wall Street investment banking engagement.

 For the carbon-intensive energy sources being transitioned away from, commoditisation is far more advanced. But pricing and standards rarely stand still for long and the era of energy transition will challenge existing norms like never before. Oil markets have long been at the vanguard of pricing evolution, and from time to time, we’ll delve into these markets to learn how they may evolve over the transition and ask if they can offer any lessons to those vying to replace them. Producing and transporting nearly a quarter of the worlds crude oil, no discussion on fossil fuel or environmental policy is complete without a deep dive into understanding the workings of the Middle East crude market. To help guide us through this terrain, David is joined by Russell Robertson, Chief Commercial Officer at the Dubai Mercantile Exchange (DME). Also on the episode, and joining David as co-host is Aabha Gandhi, Pricing Director at General Index. This episode of The Price of Everything was introduced and presented by David Elward. It was produced by Andrew Wheeler at General Index, in collaboration with Sassy Clyde and Fraser Heanue of Janno Media. If you’ve enjoyed this episode, or if you have any ideas and would like to be involved in future episodes, then please get in touch. Learn more about GX and how we’re bringing robust, reliable price transparency to the world’s commodity markets. About DME DME is the premier international energy futures and commodities exchange in the Middle East, home to the world’s third crude benchmark. Launched in 2007, DME brings fair and transparent price discovery and efficient risk management to the East of Suez. The DME lists the Oman Crude Oil Futures contract (DME Oman) as its flagship contract, providing the most fair and transparent crude oil benchmarks for the region. DME Oman is the explicit and sole benchmark for Oman and Dubai crude oil Official Selling Prices (OSPs) – historically established markers for Middle Eastern crude oil exports to Asia. 

Across the energy transition landscape, few markets are expecting the journey to reduce emissions to be plain sailing.  In this episode of the podcast, we're looking at the marine fuels (bunker fuels) space, and like the other markets we've considered so far, particularly SAF, there are a number of challenges including changing fuels, adapting infrastructure, and regulatory dimensions.  David is joined by co-host, Eesha Muneeb, VP Crude at General Index, and guest Rustin Edwards, Head of Energy Procurement and Risk Management at Euronav NV. This episode of The Price of Everything was introduced and presented by David Elward. It was produced by Andrew Wheeler at General Index, in collaboration with Janno Media. If you’ve enjoyed this episode, or if you have any ideas and would like to be involved in future episodes, then please get in touch. Learn more about GX and how we’re bringing robust, reliable price transparency to the world’s commodity markets. About Euronav Euronav and CMB.TECH together represent a group with around 150 ocean-going vessels (including newbuildings) in dry bulk, container shipping, chemical tankers, offshore wind vessels and oil tankers. The group focuses on large marine and industrial applications on hydrogen or ammonia. They also offer hydrogen and ammonia fuel to customers, through own production or third-party producers.

In the landscape of the energy transition, one sector that is harder to reduce carbon emissions than others, is the aviation industry. The challenge has been set, the big goal for the aviation sector is net zero by 2050, and amid the range of routes to achieve that are alternative fuels – namely SAF.  Joining us for this episode and taking us through the SAF markets is Kasper Spitzen from SkyNrg.  This episode of The Price of Everything was introduced and presented by Neil Bradford and David Elward. It was produced by Andrew Wheeler at General Index, in collaboration with Janno Media.  If you’ve enjoyed this episode, or if you have any ideas and would like to be involved in future episodes, then please get in touch.  Learn more about GX and how we’re bringing robust, reliable price transparency to the world’s commodity markets.  About SkyNRG  A global leader in Sustainable Aviation Fuels, SkyNRG are fuelling a new era of progress in aviation! Since 2010, SkyNRG have made it their mission to build up SAF capacity for aviation to meet its 2050 net zero commitment, and in doing so, significantly reduce the industry’s impact on our environment. They work to source, blend and distribute SAF to airlines worldwide and are creating partnerships that significantly increase the supply and production of SAF all over the world.  

Across the energy transition landscape, few markets have attracted as much fanfare and derision in recent years as Voluntary Carbon. “The VCM” as it’s commonly known, has been on a rollercoaster ride. Carbon markets and emissions offsetting which have been around for decades have exploded onto the scene as a way for seemingly anyone and everyone wanting to reduce their carbon footprint. One firm looking to help VCM turn this corner and encourage better standards is BeZero Carbon. GX and BeZero recently announced a partnership to establish clearer links between carbon credit quality and price. And BeZero’s Co-founder and Chief Innovation Officer Sebastien Cross joined us for the first episode of the new series. This episode of The Price of Everything was introduced and presented by Neil Bradford and David Elward. It was produced by Andrew Wheeler at General Index, in collaboration with Sassy Clyde and Fraser Heanue of Janno Media. The guest was Sebastien Cross. If you’ve enjoyed this episode, or if you have any ideas and would like to be involved in future episodes, then please get in touch. Learn more about GX and how we’re bringing robust, reliable price transparency to the world’s commodity markets. About BeZero Carbon BeZero is the carbon ratings agency. Its ratings and risk products equip world-leading organisations with the knowledge, tools and confidence to make better climate decisions. Its aim is to scale investment in environmental markets that deliver a sustainable future.   

In this special episode of The Price of Everything, we discuss changes afoot in the European gasoline market and how General Index is pitching an exciting new model for pricing the key regional ‘Eurobob’ benchmarks.This episode of The Price of Everything is introduced by Neil Bradford and presented by David Elward. The guest was Saket Vemprala. It was produced by Andrew Wheeler in collaboration with Sassy Clyde of Janno Media.Saket Vemprala is Managing Director, Europe & Africa Markets at General Index in London, where he oversees regional price benchmark development. He previously led the European refined products team at Argus Media, with primary responsibility for the Eurobob gasoline benchmark, having earlier covered Europe and Africa crude markets. He has also worked at risk consultancy Business Monitor International and oil tanker operator Navig8 Group.If you’ve enjoyed this episode or if you have ideas and would like to be involved in future episodes of The Price of Everything then please get in touch.Learn more about General Index and how we’re bringing robust, reliable price transparency to the world’s global commodity markets.

In the fifth episode of a brand-new podcast from General Index, we discuss the future of the Brent benchmarks.  Missed part 1? Listen on SpotifyListen on ApplePart 2: In the second of a two-parter, we continue to discuss the proposals to reform Dated Brent, ponder what lies beyond Brent, and, as we reach the end of the series, ask has it been an effective pricing tool? This episode of The Price of Everything is introduced by Neil Bradford and presented by David Elward. The guests were Dr. Adi Imsirovic and Saket Vemprala. It was produced by Andrew Wheeler in collaboration with Sassy Clyde of Janno Media.  Adi has over 30 years of experience in oil trading, having held a number of senior positions, including global head of oil at Gazprom Marketing & Trading, director of Petraco and head of its Singapore office, and the regional manager of Texaco Oil Trading for Asia. Adi is a Fulbright scholar and has a PhD in Economics and a master’s degree in Energy Economics. Currently, he is a Senior Research Fellow at the Oxford Institute for Energy Studies, and a director of Surrey Clean Energy, a consultancy. His most recent book – Trading and Price Discovery for Crude Oils: Growth and Development of international Oil Markets – delves deep into how the international oil market became what it is today.  You can pick up a copy here Adi has written extensively on Brent, including several articles via the OIES: -          CIF Brent Benchmark? (March 2021)-          Benchmarks: Brent (May 2021)-          The Future of the Brent Oil Benchmark A Radical Makeover (April 2022)-          The Brent Benchmark - Where Do We Stand? (July 2022) Adi is currently editing his next book – ‘Brent Crude Oil: Genesis and Development of the World Most Important Oil Benchmark - In the Words of Those Who Shaped It’ – which will be published by McGraw Hill / Palgrave summer 2023. Saket Vemprala is a pricing director at General Index in London, where he overseas European crude oil and products benchmarks. He previously led the European oil products team at Argus Media, with primary responsibility for the Eurobob gasoline benchmark, having earlier covered Europe and Africa crude markets. He has also worked at risk consultancy Business Monitor International and oil tanker operator Navig8 Group. If you’ve enjoyed this episode or if you have ideas and would like to be involved in future episodes of The Price of Everything, then please get in touch. Learn more about General Index and how we’re bringing robust, reliable price transparency to the world’s global commodity markets.   

In the fifth episode of a brand-new podcast from General Index, we discuss the future of the Brent benchmarks.Part 1: In the first of a two-parter, we unpack the galaxy of Brent prices, explore the impact of declining North Sea oil production, and consider the latest proposals to reform the Dated Brent benchmark.This episode of The Price of Everything is introduced by Neil Bradford and presented by David Elward. The guests were Dr. Adi Imsirovic and Saket Vemprala. It was produced by Andrew Wheeler in collaboration with Sassy Clyde of Janno Media.  Adi has over 30 years of experience in oil trading, having held a number of senior positions, including global head of oil at Gazprom Marketing & Trading, director of Petraco and head of its Singapore office, and the regional manager of Texaco Oil Trading for Asia. Adi is a Fulbright scholar and has a PhD in Economics and a master’s degree in Energy Economics. Currently, he is a Senior Research Fellow at the Oxford Institute for Energy Studies, and a director of Surrey Clean Energy, a consultancy. His most recent book – Trading and Price Discovery for Crude Oils: Growth and Development of international Oil Markets – delves deep into how the international oil market became what it is today.  You can pick up a copy here Adi has written extensively on Brent, including several articles via the OIES: -          CIF Brent Benchmark? (March 2021)-          Benchmarks: Brent (May 2021)-          The Future of the Brent Oil Benchmark A Radical Makeover (April 2022)-          The Brent Benchmark - Where Do We Stand? (July 2022) Adi is currently editing his next book – ‘Brent Crude Oil: Genesis and Development of the World Most Important Oil Benchmark - In the Words of Those Who Shaped It’ – which will be published by McGraw Hill / Palgrave summer 2023. Saket Vemprala is a pricing director at General Index in London, where he overseas European crude oil and products benchmarks. He previously led the European oil products team at Argus Media, with primary responsibility for the Eurobob gasoline benchmark, having earlier covered Europe and Africa crude markets. He has also worked at risk consultancy Business Monitor International and oil tanker operator Navig8 Group. If you’ve enjoyed this episode or if you have ideas and would like to be involved in future episodes of The Price of Everything, then please get in touch. Learn more about General Index and how we’re bringing robust, reliable price transparency to the world’s global commodity markets. 

In the fourth episode of a brand-new podcast from General Index, we speak to the former head of the world’s largest crude oil trading business about his long career and explore how the Brent benchmark evolved to stay relevant.   Missed part 1?Listen on Spotify Listen on ApplePart 2: In the second of a two-parter, we discuss Mark’s recollections of Brent reform in the early 2000s, and we get his verdict on the benchmark’s remarkable survival story.  This episode of The Price of Everything is introduced by Neil Bradford and presented by David Elward. The guest was Mark Quartermain. It was produced by Andrew Wheeler in collaboration with Sassy Clyde of Janno Media.  Mark Quartermain spent nearly four decades at Shell. He started as a chemical engineer at the Stanlow refinery in England and gained supply chain experience before moving into oil trading. After a series of regional trading and leadership positions, he became head of Shell’s global oil products trading and supply business, later assuming the equivalent position for crude oil.  If you’ve enjoyed this episode or if you have ideas and would like to be involved in future episodes of The Price of Everything, then please get in touch. Learn more about General Index and how we’re bringing robust, reliable price transparency to the world’s global commodity markets.   

In the fourth episode of a brand-new podcast from General Index, we speak to the former head of the world’s largest crude oil trading business about his long career and explore how the Brent benchmark evolved to stay relevant. Part 1: In the first of a two-parter, we explore how Mark first got interested in oil, how he made the leap into trading from refining, and discuss Shell’s role in Brent market standardisation.   This episode of The Price of Everything is introduced by Neil Bradford and presented by David Elward. The guest was Mark Quartermain. It was produced by Andrew Wheeler in collaboration with Sassy Clyde of Janno Media.  Mark Quartermain spent nearly four decades at Shell. He started as a chemical engineer at the Stanlow refinery in England and gained supply chain experience before moving into oil trading. After a series of regional trading and leadership positions, he became head of Shell’s global oil products trading and supply business, later assuming the equivalent position for crude oil.  If you’ve enjoyed this episode or if you have ideas and would like to be involved in future episodes of The Price of Everything, then please get in touch. Learn more about General Index and how we’re bringing robust, reliable price transparency to the world’s global commodity markets.   

In the third episode of a brand-new podcast from General Index, we discuss the origins of the Dated Brent benchmark. In this episode, we return to the 1980s to explore the background to the Dated Brent benchmark, the role of the PRAs, and why price benchmarks became integral to the functioning of oil markets. This episode of The Price of Everything is introduced by Neil Bradford and presented by David Elward. The guest was John Kingston. It was produced by Andrew Wheeler in collaboration with Sassy Clyde of Janno Media.  John Kingston has a 42-year career covering commodities. During his time at price reporting agency Platts, he launched the Dated Brent benchmark, edited Platts Oilgram News, and served in a number of senior editorial management positions. He later became President of the McGraw Hill Financial Global Institute and Director of Global Market Insights at S&P Global. He is currently Editor-at-Large with trucking data specialists FreightWaves. If you’ve enjoyed this episode and want to get in touch, or if you have ideas and would like to be involved in future episodes of The Price of Everything, then please get in touch. Learn more about General Index and how we’re bringing robust, reliable price transparency to the world’s global commodity markets.  Find out more about John Kingston and FreightWaves here.  

In the second episode of a brand-new podcast from General Index, we discuss the discovery of North Sea oil in the 1970s, and the early years of Brent crude trading and the rise of the famous price benchmark in the 1980s.  Missed part 1?Listen on Spotify Listen on ApplePart 2: In the second of a two-parter, we explore the proliferation of trading around Brent crude oil, the role of the so-called ‘Wall Street Refiners’, and our guests offer their take on the Brent benchmark. This episode of The Price of Everything is introduced by Neil Bradford and presented by David Elward. The guests we Liz Bossley and Colin Bryce. It was produced by Andrew Wheeler in collaboration with Sassy Clyde of Janno Media.  Liz Bossley is the CEO of Consilience Energy Advisory Group and has a 40-year career in international energy markets, spanning trading, risk management, marketing, and extensive experience of contract negotiations. She has been involved in bringing more than 30 new grades of crude oil to the market worldwide. She started her career at the British National Oil Corporation.  Colin Bryce is a founding partner of Energex Partners and has over 40 years’ experience in commodities and financial services. He joined Morgan Stanley in 1987 to establish its oil trading and risk management practice in London, and went on to serve as Chairman of Morgan Stanley Bank International Ltd. He also started his career at the British National Oil Corporation. If you’ve enjoyed this episode and want to get in touch, or if you have ideas and would like to be involved in future episodes of The Price of Everything, then please get in touch. Learn more about General Index and how we’re bringing robust, reliable price transparency to the world’s global commodity markets.  Find out more about Liz Bossley and  Consilience Energy Advisory Group. Find out more about Colin Bryce and Energex Partners.

In the second episode of a brand-new podcast from General Index, we discuss the discovery of North Sea oil in the 1970s, and the early years of Brent crude trading and the rise of the famous price benchmark in the 1980s.Part 1: In the first of a two-parter, we discuss the North Sea oil discoveries, the role of the British National Oil Corporation (BNOC) in pricing, and why London made sense as the hub for a new industry of oil trading.  This episode of The Price of Everything is introduced by Neil Bradford and presented by David Elward. The guests we Liz Bossley and Colin Bryce. It was produced by Andrew Wheeler in collaboration with Sassy Clyde of Janno Media.  Liz Bossley is the CEO of Consilience Energy Advisory Group and has a 40-year career in international energy markets, spanning trading, risk management, marketing, and extensive experience of contract negotiations. She has been involved in bringing more than 30 new grades of crude oil to the market worldwide. She started her career at the British National Oil Corporation.  Colin Bryce is a founding partner of Energex Partners and has over 40 years’ experience in commodities and financial services. He joined Morgan Stanley in 1987 to establish its oil trading and risk management practice in London, and went on to serve as Chairman of Morgan Stanley Bank International Ltd. He also started his career at the British National Oil Corporation. If you’ve enjoyed this episode and want to get in touch, or if you have ideas and would like to be involved in future episodes of The Price of Everything, then please get in touch. Learn more about General Index and how we’re bringing robust, reliable price transparency to the world’s global commodity markets.  Find out more about Liz Bossley and  Consilience Energy Advisory Group. Find out more about Colin Bryce and Energex Partners.

In the first episode of a brand-new podcast from General Index, we discuss the history of oil pricing and the background to the famous Brent crude price benchmark with Dr Adi Imsirovic.Part 2: In the second of a two-parter, we discuss how the oil trade grew outside of the USA in the years around WWI-WWII, the IOCs vs NOCs, price benchmarks in the 1970s/80s, and the factors behind the growth of ‘free’ oil markets which lay the groundwork for the Brent benchmark to emerge.   Missed part 1? Listen on SpotifyListen on Apple This episode of The Price of Everything is introduced by Neil Bradford and presented by David Elward. The guest is Dr Adi Imsirovic. It was produced by Andrew Wheeler in collaboration with Sassy Clyde of Janno Media.  Adi has over 30 years of experience in oil trading, having held a number of senior positions, including global head of oil at Gazprom Marketing & Trading, director of Petraco and head of its Singapore office, and the regional manager of Texaco Oil Trading for Asia. Adi is a Fulbright scholar and has a PhD in Economics and a master’s degree in Energy Economics. Currently, he is a Senior Research Fellow at the Oxford Institute for Energy Studies, and a director of Surrey Clean Energy, a consultancy. His most recent book – Trading and Price Discovery for Crude Oils: Growth and Development of international Oil Markets – delves deep into how the international oil market became what it is today.  You can pick up a copy here  Adi has written extensively on Brent, including several articles via the OIES: -          CIF Brent Benchmark? (March 2021)-          Benchmarks: Brent (May 2021)-          The Future of the Brent Oil Benchmark A Radical Makeover (April 2022)-          The Brent Benchmark - Where Do We Stand? (July 2022) Adi is currently editing his next book – ‘Brent Crude Oil: Genesis and Development of the World Most Important Oil Benchmark - In the Words of Those Who Shaped It’ – which will be published by McGraw Hill / Palgrave summer 2023. If you’ve enjoyed this episode and want to get in touch, or if you have ideas and would like to be involved in future episodes of The Price of Everything, then please get in touch. Learn more about General Index and how we’re bringing robust, reliable price transparency to the world’s global commodity markets. 

In the first episode of a brand-new podcast from General Index, we discuss the history of oil pricing and the background to the famous Brent crude price benchmark with Dr Adi Imsirovic.In the first of a two-parter, we return to the 1860s and the origins of the modern traded market, find out who were the ‘Dump Men’ of Oil Creek, and explore the role of Standard Oil and Rockefeller on pricing.  This episode of The Price of Everything is introduced by Neil Bradford and presented by David Elward. The guest is Dr Adi Imsirovic. It was produced by Andrew Wheeler in collaboration with Sassy Clyde of Janno Media.  Adi has over 30 years of experience in oil trading, having held a number of senior positions, including global head of oil at Gazprom Marketing & Trading, director of Petraco and head of its Singapore office, and the regional manager of Texaco Oil Trading for Asia. Adi is a Fulbright scholar and has a PhD in Economics and a master’s degree in Energy Economics. Currently, he is a Senior Research Fellow at the Oxford Institute for Energy Studies, and a director of Surrey Clean Energy, a consultancy. His most recent book – Trading and Price Discovery for Crude Oils: Growth and Development of international Oil Markets – delves deep into how the international oil market became what it is today. You can pick up a copy here  Adi has written extensively on Brent, including several articles via the OIES: -          CIF Brent Benchmark? (March 2021)-          Benchmarks: Brent (May 2021)-          The Future of the Brent Oil Benchmark A Radical Makeover (April 2022)-          The Brent Benchmark - Where Do We Stand? (July 2022) Adi is currently editing his next book – ‘Brent Crude Oil: Genesis and Development of the World Most Important Oil Benchmark - In the Words of Those Who Shaped It’ – which will be published by McGraw Hill / Palgrave summer 2023.  If you’ve enjoyed this episode and want to get in touch, or if you have ideas and would like to be involved in future episodes of The Price of Everything, then please get in touch. Learn more about General Index and how we’re bringing robust, reliable price transparency to the world’s global commodity markets.