# No Peace, No War and No Flows with Aldo Spanjer

Page: https://stenobird.com/podcast/the-hc-commodities-podcast-1242341/no-peace-no-war-and-no-flows-with-aldo-spanjer
Text version: https://stenobird.com/podcast/the-hc-commodities-podcast-1242341/no-peace-no-war-and-no-flows-with-aldo-spanjer.md
Podcast: [The HC Commodities Podcast](https://stenobird.com/podcast/the-hc-commodities-podcast-1242341)
Published: 2026-05-20T11:26:09+00:00
Episode link: https://www.hcgroup.global/
Audio file: https://dts.podtrac.com/redirect.mp3/cdn.simplecast.com/media/audio/transcoded/911da7df-97ee-4074-95b8-cb7db4fd953e/f16f4497-1462-46a1-9e27-57c332c5c121/episodes/audio/group/8fe60ded-19f8-405b-96b1-1c05df131e89/group-item/a57ac0ef-8900-44a2-bde3-04ed485ab0af/128_default_tc.mp3?aid=rss_feed&feed=QXaWSc4o
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JSON: https://stenobird.com/v1/public/podcasts/the-hc-commodities-podcast-1242341/episodes/no-peace-no-war-and-no-flows-with-aldo-spanjer
Duration seconds: 2836

## Resource

The conflict remains in suspended animation with little concrete progress to support the more optimistic assessments of a return to normality. Commodity markets are on a knife-edge and tanks and strategic supplies are emptying. Aldo Spanjer, Head of Commodity Strategy at BNP Paribas’ Markets 360 outlines the pathways from here. Will oil be at $70 or $200? Why does gas face larger risks in a prolonged disruption? And how to cut through the noise and focus on the signals??

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## Transcript

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