Energy and commodities sit at the heart of the Trump administration’s domestic and foreign policy agenda, creating a race for talent - argues Paul Chapman, HC Group's Managing Partner.
This article was originally published as part of HC Group's Q3 Market Review. Access the full magazine here to read Paul's editorial - and more.
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US Leads Commodity Talent Race
Energy and commodities sit at the heart of the Trump administration’s domestic and foreign policy agenda. While there are undoubted internal inconsistencies between policies - take the need for critical minerals for defence systems while simultaneously slashing support for EVs - 2025 has seen an extraordinary rush of activity across energy, metals and agri markets as leaders struggle to react and capture opportunity. Recession may come, but with tailwinds of economic nationalism, political volatility, AI and a resilient energy transition, producers, processors, merchants, and funds worldwide are vying for commodity talent - especially in the US.
Tariffs, Metals and Wires
Metals trading has been resurgent as metals whipsawed around the world in anticipation of tariffs. Risk management and supply chain optimisation have been crucial to miners, manufacturers and OEMs. Tariffs are one part of a broader shift away from free trade and toward government intervention. Around the world, governments are stepping in to backstop crucial assets. At the same time, US legislators on both sides have recognised, and are funding, major grid upgrades – projects mirrored around the world as power demand (see below) and renewables shape the grid infrastructure needed. Copper and uranium are also having their long vaunted days in the sun.
With tailwinds of economic nationalism, political volatility, AI and a resilient energy transition, producers, processors, merchants and funds are vying for commodity talent
Trading all Colours of Energy
Perhaps contrary to expectations, in US energy markets we see the ‘all things everywhere’ approach. The One Big Beautiful Bill may have slashed subsidies for future renewables but has sparked a rush to launch and complete projects now. Furthermore, economics still rules (hence Texas E leading the way in renewables). AI and datacentres, alongside growing per capita energy consumption, means there is a scramble to meet future power demand. De-regulation efforts (and a seemingly compliant Supreme Court) have also unlocked a fresh wave of development, including nuclear.
Meanwhile, utility-scale Battery Energy Storage Systems (BESS) are flourishing in the expectation of either the need to harvest precious renewable sources of power to meet tech companies' sustainability goals in a Republican-held house in 2027, or to meet the unleashed demand from renewables in a Democrat one. Our sister company, Hyperion Search, is seeing demand for developers, operational and battery optimisation talent alike.
Meanwhile, demand for power and gas trading-related talent continues to remain at the highest level seen for years, with every participant category hiring. At the same time, oil and its products are not being left behind. Renewable fuels have the support they needed from Congress. Under long-term strategic plans to manage a more volatile world, producers, refiners, midstreamers and retailers across North America continue programmes of creating or strengthening trading and optimisation capabilities and must be reassured in their decision. Challenging financial trading has similarly led hedge funds to build physical platforms and acquire assets.
Many of the trends that will dominate the next decade are being shaped here – whether rapidly growing energy demand, technology reshaping energy needs, or a vibrant fossil fuels sector
Technology Talent
At the same time, and probably even without the above vicissitudes of domestic policy and foreign striding, technology is reaping profound change in how, and by whom, commodities are traded. And for the most part, the US remains at the forefront of driving these changes. AI (and its many cousins) is driving energy demand but also making markets, platforms and people more efficient. Trading floors are rapidly evolving in response. Legacy risk management platforms are starting to become millstones, while barriers to entry are starting to crack.
That said, over the past five years, to figure out this arms race, companies have invested heavily in technologists – sometimes before asking what exactly the goals are. Enco Insights, our global advisory platform, has done brisk business providing advisors who can help leaders manage and navigate this complex (and expensive) space. And our Technology Practice, long one of our fastest-growing recruitment teams, now has to help clients contend with the practical end of H-1B visas.
Counter-Cycling
So, despite the US in 2025 looking and sounding very different from the previous four years (and wariness is warranted from foreign investors), from the commodities sector perspective, the 'everything, everywhere' surge of activity is unmissable.