#51 Todd Warren | When the World Demands Energy: The Real Cost Is Supply — And It Runs Through the Strait of Hormuz

About this episode

Murdoch Gatti interviews Todd Warren about the critical shift in global commodity markets focusing on supply issues rather than demand.

In this episode of The Rate of Change , Murdoch Gatti sits down with Todd Warren, Portfolio Manager & Head of Research at Tribeca Investment Partners, to unpack a critical shift taking place across global commodity markets — and why the real story isn’t demand, but supply. If you are interested in uranium, oil, natural gas, LNG, copper, sulphur, lithium, rare earths, iron ore, coal, hydrogen, carbon markets, nuclear energy, titanium, advanced materials and broader strategic minerals, then you will enjoy this conversation. Over the past decade, commodities have been under-owned, underinvested and largely ignored as capital flowed into growth assets. ESG constraints and weak pricing suppressed new supply across energy and mining. That dynamic is now reversing. As Todd explains, we are entering a structurally different macro regime — one defined by constrained supply, geopolitical fragmentation and persistent inflation. Unlike prior cycles, this is not simply about stronger demand. The system itself is tight. A key insight from the conversation is the fragility of global supply chains. Critical inputs — including sulphur, essential for copper processing — are heavily reliant on…

People in this episode

Host: Murdoch Gatti

Guest: Todd Warren

Topics covered

• global commodity markets
• energy supply
• geopolitical fragmentation
• inflation
• supply chains
• mining

Keywords

• uranium
• oil
• natural gas
• copper
• sulphur
• lithium
• rare earths
• geopolitical
• inflation

Mentioned in this episode

Organizations: Tribeca Investment Partners

Places: Strait of Hormuz

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