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Essay series

A running series on the operational backbone of commodity trading: freight, demurrage, market structure, and the data discipline that separates good desks from great ones.

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The Trading Professional6 essays

A six-part series on building a durable career in commodity trading: future-proofing your skills in an AI-first market, moving from trader to desk head, navigating ETRM vendors, reading the room, and building the reputation and judgment that compound over decades.

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2 essays found

Trading, Business & Finance

Six Things Commodity Desks Need to Know This Week

Hormuz risk is now priced into everything from jet fuel to Chicago wheat, and the CTRM market just got measured.

Anish PujariSep 8, 2026 14 min read

One Unit of Electricity. Two Countries. Two Completely Different Machines Behind the Price.

Trading, Business & Finance

Premium

One Unit of Electricity. Two Countries. Two Completely Different Machines Behind the Price.

A kilowatt-hour is identical physics in London and Mumbai. The price behind it is not. One system routes gas cargo risk through a quarterly cap. The other buries it in slabs, wheeling charges, and a fuel adjustment line most people never read. Who actually carries the commodity risk in each, and what a single delayed LNG cargo does to both.

Anish PujariSep 4, 2026 8 min read