Everything published here belongs to one of four pillars, and each pillar carries its own colour and emblem, on the site, on share cards, everywhere. Once you know the mascots, you can tell what an essay is about before you read a word.
Some of what vendors sell is transformative, some is a thin wrapper with a new label. What is actually working on commodity desks in 2026 and what is not.
Anish PujariAug 27, 2026 5 min read
Everyone is chasing model headlines, but the durable profits are accruing to a quieter layer of the stack. Here's how to read the AI value chain like an operator.
Anish PujariAug 11, 2026 2 min read
The graveyard of startups is full of superior products that lost to inferior ones with better go-to-market. A field guide to the distribution advantages that actually compound.
Anish PujariAug 11, 2026 2 min read
A copper cargo is priced eight times before anyone looks at a screen. Here is the lifecycle of a concentrate parcel, and why the assay lab decides more of the P&L than the trading desk.
Anish PujariSep 7, 2026 8 min read
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
You hedged, prices moved your way, and you still lost money. That is basis risk. The three kinds every desk carries, how they bite, and what managing them actually looks like.
Anish PujariSep 3, 2026 4 min read
The org chart tells you who reports to whom. It does not tell you how decisions get made. Mapping the informal hierarchy and the unwritten rules of a commodity firm.
Anish PujariAug 27, 2026 6 min read
In commodity markets your reputation is not a by-product of your career, it is the career. The foundations, the network, and the case for publishing what you know.
Anish PujariAug 27, 2026 5 min read
The transition from trader to desk head is not a promotion, it is a role change. What to let go of, what to build, and how to survive the first six months.
Anish PujariAug 27, 2026 5 min read
The licence is the smallest number in the deal. A line-by-line breakdown of what Endur, Allegro, and RightAngle programmes actually cost once you count integration, data, people, and the upgrade treadmill, from someone who has signed the change orders.
Anish PujariSep 7, 2026 6 min read
All three ETRMs now live under one owner, and every RFP still treats them as rivals. After a decade of implementations, here is how Endur, Allegro, and RightAngle actually compare where it matters: commodity fit, compliance, AI, upgrade pain, and the total cost nobody puts on the first slide.
Anish PujariSep 7, 2026 7 min read
The system does not crash. The business quietly works around it. Why the first 90 days decide an implementation's fate and what the firms that get it right do differently.
Anish PujariAug 27, 2026 7 min read
Fastest bird on the wire. Delivers five things that change how desks work, every single week.
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