Into the Futures: The commodity derivatives podcast brought to you by Freight Investor Services – Détails, épisodes et analyse

On the 3rd January 2026, the United States military launched Operation Absolute Resolve, an operation that led to the capture of Venezuelan President Nicolás Maduro and his wife in Caracas. President Trump stated that the US would “run Venezuela” and that American oil companies would step in to help “fix the badly broken infrastructure”.

Venezuela’s strategic importance, however, extends well beyond oil. The country holds significant reserves of a wide range of commodities, raising important economic, market and geopolitical questions.

In this first episode of Into the Futures, Richard Stephenson examines the implications of recent events, the changing US foreign policy, the outlook for Venezuelan commodities, and what this could mean for global financial markets.

This week on Freight Up, we set out to give listeners practical insights into the world of risk management across the commodity spectrum, from freight to metals to crude oil.

If you’re looking to understand what’s really happening under the surface of today’s volatile markets, this episode features perspectives from professionals who operate right at that interface between price risk and real-world trade.

We started with Samuel Basi, founder of Perfectly Hedged Consultancy and a former Trafigura metals trader, for a deep dive into the realities of commodity hedging in liquid and illiquid markets.

From there, we heard from Carlo Boffa, a central bank watcher at Politico, on central bank decisions and how the evolving landscape of monetary policy is shaping the US dollar and, by extension, commodity prices.

We wrap up with Archie Smith, oil broker, who broke down the extreme pricing swings in the oil market driven by macro shocks and geopolitical headlines, highlighting what’s front of mind for market participants right now.

Some of the headline talking points this week include: the merits and pitfalls of one-to-one hedging in today’s market, with Sam exploring where hedging can reduce risk and where it might inadvertently add more.

We tackled the specific challenges faced by traders and companies in less liquid markets, including practical ways to quantify risk and work with imperfect hedges—or get creative in the over-the-counter space to find coverage.

Options came under the spotlight, especially with clients’ hesitancy to use them, and Sam gave practical context about why options sometimes get overlooked and when they can be a valuable part of a strategy.

Companies mentioned in this episode:

• FIS
• Perfectly Hedged Consultancy
• Trafigura
• Politico
• LME
• CME
• SGX
• ICE
• Citadel
• GMI

Relive the 2021 freight and commodity markets with our end of year podcast, where we remember the freight, ferrous, oil, metals, and ferts markets of the last 12 months. We are joined by Alex Pereira Inacio, Michelle Wiese Bockmann, Ed Hutton, Kerry Deal, Peter Stallion, Alex Macathur, Peter Hannah, Dave Powell, Robert Belcher, Nick McClements, Jack Nathan, Andrew Manna, Ricky Forman, and Theo Goulios.

Whether you’ve been Naughty or Nice, tune in to our special episode ‘The 12 Commodities of Christmas’ to hear the team break down the year’s price action and trends across all our products, along with the usual news and comment. Disclaimer: freightinvestorservices.com/castaway-disclaimer/.

From Quotas to Cuts: The Turbulent High Sulphur Fuel Oil Market

Does the volatility in the high sulfphur fuel oil market feel all too familiar?

Have you been told that closely monitoring crude oil importing quotas and export cuts is the key to understanding this volatility?

But despite your efforts, you're still left without a clear understanding of the factors driving this market's unpredictability? 

The pain of taking ineffective action and not getting the desired results can be frustrating.

It's time to break free from this cycle and gain a deeper insight into the real drivers of volatility.

Join us in this episode of the Freight Up! podcast from FIS as we uncover the hidden forces behind the high sulphur fuel oil market's turbulence, empowering you with the knowledge to navigate this market with confidence and success.

"So we're expecting, or I think the trade is expecting, that volatility continues to remain a little bit subdued compared to the beginning of the year." - Taylor Eastman  - (click for LinkedIn)

 Hi, Fernanda here! I'm host of the Frieght Up podcast!

 Archie Smith, Taylor Eastman, James Robinson, Joshua Stern, Kerry Deal and Hao Pei join me to discuss the current market trends and the latest happenings in the world of freight and commodities including Russia, China, ferrous, scrap and all the other stuff we like to dig into!

OPEC Cuts and Weak Demand Outlook

The world of crude oil is an intricate balance of supply and demand. And currently, the scales are tipping heavily towards the surplus end.

As Saudi Arabia lengthens its voluntary oil output cuts into August, we might have anticipated a beneficial boost in prices.

However, no such sustained increase is visible.

Why is that? In this conversation, our guest Archie Smith shares more with us on this subject.

For now, let's just say it's a

Caught off guard by the Iron Ore moves? Listen to this week's Castaway podcast where Chris, Tom and Kerry have it covered, along with all our markets.

Disclaimer: freightinvestorservices.com/castaway-disclaimer/

Unforeseen winds of change swept through the freight industry as iron ore prices soared, driven by the unwavering commitment of China's Premier Li to bolster domestic demand.

Freight industry traders and professionals!

Brace yourselves for a rollercoaster ride. 

This unexpected twist in the market will challenge conventional strategies, forcing you to question the status quo.

Will you adapt and seize the opportunity to redefine your path?

Or will you remain rooted in the familiar, unaware of the untapped potential that awaits?

Make sure you listen to this new episode of "Freight Up" from FIS to get all the insight you need to make your decision!

"For them all to be rallying, it shows some good health in the fuel market" - Archie Smith 

Hi, I'm Fernanda, host of the Frieght Up podcast!

Archie Smith and James Robinson join me to discuss the current market trends in fuel oil and iron ore.

Archie dives into the rally in fuel oil cracks, particularly in high sulphur fuel oil, which he attributes to movements in the East, with our friends in China. 

He also highlights the tightening gap between the cracks.

James talks us through the significant rally in iron ore prices, also driven by Chinese commitments to demand.

Timestamped summary of this episode:

00:00:00 - Introduction 00:00:29 - Fuel Oil Update 00:05:52 - Iron Ore Update 

This week is our Brazil special. Tom, Alex, Chris, and Kerry are joined by Roberto Doring, Deputy Head of Mission to the UK, to discuss the past, present and future of Brazil’s presence in the commodity complex.

Disclaimer: freightinvestorservices.com/castaway-disclaimer/

Welcome to the latest episode of this FIS podcast in which we talk data discrepancies, new algorithms, HRC markets, the Rebar market, China's influence and the economic strategy, Brent's price and much more!

Pssst! Here's the post Josh refers to in the episode!

My special guests this week are Ricky Forman, Joshua Stern, James Robinson!

"Improving transparency in market data is key to making informed trading decisions." - Joshua Stern

Buckle up on this week's Freight Up! This episode is bringing more plot twists than an episode of "Rabbithole"! When Joshua Stern discovered a significant data discrepancy between the US and EU HRC markets, he knew he had to take matters into his own hands. Learn how he used a combination of the existing data, and devised a way to estimate European HRC positions. 

But get this: this new positioning data revealed something unexpected... signs of a shift towards a more bullish sentiment in the market. With this newfound insight, everyone involved in the industry could make better-informed decisions. But what will happen next? Listen to find out!

In this episode of the Freight Up podcast, we learn that understanding the positioning dynamics in the commodities market, particularly between the US and EU HRC markets, can have significant implications on trading decisions. And talking of bullishness...

The rebar market has been displaying signs of bullish sentiment recently, which provides a sense of optimism for future pricing in the steel industry. Positive indicators in the market which we reveal in this episode, point to a potential upswing that could open up profitable opportunities for traders. By keeping a close eye on these market trends, industry players can establish a competitive edge and potentially reap the rewards of bullish market conditions.

James Robinson highlights the impressive 20% month-on-month gain he's discovered within the US steel market. 

In the iron ore market, China's slow rate of stimulus announcements has caused some frustration. While there have been numerous meetings between government officials and industry leaders, the outcomes have been limited and slow in coming. Listen to learn more!

 The key moments in this episode are:

00:00:00 - Economic Unease Rocks Commodity Desks 00:01:25 - Fuel Oil Market Update 00:07:17 - Steel Market News 00:10:53 - Contango Curve 00:13:40 - Importance of Fed Funds Release 00:14:11 - Bullishness in the Rebar Market 00:15:21 - Focusing on Derivative Markets 00:16:54 - Iron Ore Update 00:21:50 - Shift in Economic Strategy for China

End-of-year-feeling in your markets? Longing to get away? Join the team as they wing it and discuss the new Baltic Exchange Air Freight Index on this week's Castaway.

Disclaimer: freightinvestorservices.com/castaway-disclaimer/