Women in Commodities: Lessons in Leadership

The commodities industry has traditionally been male-dominated, especially at the leadership level. In 2018, Bloomberg revealed that women held less than 5% of senior management roles at top commodities traders. In the energy sector, S&P Global estimates that women occupy fewer than 20% of C-suite positions across publicly traded power and utility companies in the US, Canada, and Europe. Ahead of this year’s International Women’s Day, we asked female leaders in commodities to share the leadership lessons they wish they had known earlier in their careers, to help you or support the women around you.

Networking is everything

To break into leadership roles, you need to network purposefully. It’s easy to fall into the trap of believing your work will speak for itself, but building relationships is key. 

“As women, we’re great at doing the work—giving 1,000%—but not so great at networking. That little voice in our head says, “You could have done better”, “You could have done more”. So we keep our heads down, focused on our tasks. Meanwhile, men tend to show up 10-15 minutes early to meetings, strike up conversations, and set the agenda before the meeting even begins. We, on the other hand, arrive on time, sit down, do the work, and rush off to the next task. But that’s not how business works. Networking happens in the small moments, in everyday interactions.”

Yasmina Rauber, Secretary General of the Zug Commodity Association

Embrace a non-linear career path 

Non-linear career paths are becoming the norm, especially for women, who often need greater flexibility and adaptability to succeed. Try not to overthink your long-term path, it’s okay not to have everything planned out. If you believe you can do something, even if it doesn’t align with where you thought your career was heading a few years ago, give it a go.

“Linear careers are a thing of the past. Over the past 28 years, I’ve held 13 different roles—seven of which didn’t even exist when I started the previous one. Some of these roles began as secondments, while I’ve also taken sideways moves, stepped back at times, and even took a four-year career break when my youngest child was born. Had I insisted on a linear career, I would have missed out on some incredible opportunities. Imagine, for example, if 28 years ago, I had told someone, ‘I want to lead the AI mission for an energy retail company.’ They would have said, ‘You want to do what now!? It wasn’t even a thing back then. I couldn’t have known that’s where my career would eventually lead.’”

Claire Whitmore, Head of Digital Technology, E.ON UK

Lead authentically 

In male-dominated environments, it can be tempting to adopt “male” traits and behaviours to fit in. As Claire shares, “I was once told that I would never make senior management because I don’t shout enough, which always amused me.” But it’s crucial to stay true to yourself and maintain your own leadership style. Having more women in leadership is about more than just representation—we need women who bring diverse perspectives, challenge norms, and drive innovation. And that begins with authenticity.

“I lost sense of myself trying to fit into my environment, choosing to become “one of the boys” and suppressing any female traits to avoid being singled out. In doing so, I became harder than I naturally was, constantly competing to prove myself. Over time, both personally and professionally, I learned to embrace my true self so today, you get a much better version of me than you would have 20 years ago.”

Alexandra Andrade, Head of Portfolio Modelling at SEFE Marketing & Trading LTD

Rise to the challenge 

When applying for jobs or going for a promotion, women will often only apply if they meet all of the role requirements, whereas men will apply even if they meet only some of the requirements. This difference in approach can hold women back from pursuing opportunities. The lesson here is to step up and rise to the challenge. Is this scary at times? Sure, but as Yasmina puts it, “The longer you stay comfortable, the longer you stay where you are. If it feels a little scary putting yourself out there? Fine. Great. Do it. You’re scared? Do it anyway. Do it scared.”

“Often women feel they need to be 120% ready before stepping into a new role, which can mean waiting until they feel fully equipped to apply. But even when they’re nearing leadership positions, they may wait to be invited or asked, rather than proactively pursuing the opportunity themselves. Take initiative and put yourself forward. The more we practice putting ourselves in the right positions, the more we create opportunities for others to follow.”

Raluca Moroc, Operational Excellence Manager, Corporate IT, Vattenfall 

Take ownership of your career

Don’t just take your job as it is. Like a recipe, you can add your own spices. If there’s something you want to be doing, learn how to do it. Doing only what you’re supposed to do won’t present new opportunities or get you very far.

“At the start of my career I worked for a small Austrian software company that provided solutions for power plant optimisation. Back in the early 2000s, as the European power market emerged, we started to develop trading software and risk management soon became a very relevant topic. Our small team was only made up of software developer, with no risk expertise. To support the needs of our customers, and given my mathematical background, I taught myself risk management through books and articles. The leadership team welcomed it—and it ultimately shaped my career.”

Irina Reitgruber, Energy Trading and Risk professional, ComTech Advisory

Find a balance

Burnout is a real risk, especially in environments where you feel pressure to fit in or compete. Early in your career, remember: don’t try to do everything at once. 

“If I could tell my younger self one thing, it would be: companies don’t risk their health for you, so don’t risk yours for them. Speak up to your manager or HR if you need help finding balance. And get a mentor as soon as possible—they can offer support and guide you toward your goals.”

Rosie Murphy, VP – Major Projects & Global Implementations, ConocoPhillips 

What can companies do?

While there’s significant attention on increasing the recruitment of women into certain sectors, as Claire puts it, “retention of women is just as important as recruitment”. It’s not enough to simply bring women into these industries; companies must also provide the support needed to help them thrive. Life challenges, from childcare to menopause, are very real, and organisations need to be proactive in addressing these. Claire advises that “the key is finding a company that cares about you through all stages of life.”

A great example is E.ON UK, which runs a Women in Leadership Programme that every woman on Claire’s team has participated in. Since its launch in 2022, more than 250 women have completed the programme, and more than 50% have received a lateral career move or promotion as a result. E.ON also has a ‘Menopause Matters’ network, which plays a vital role in creating a supportive and inclusive workplace for colleagues navigating menopause, as well as those around them who want to help.

But beyond specific programmes and initiatives, broader cultural and mindset shifts across the business are essential.

“At the individual level, people should never assume something about someone because of the way they look, the clothes they wear, their heritage, or their gender. We should allow people to compete based on true merit and demonstrated capabilities. That is all women need to be successful in this industry: a fair and unbiased opportunity to prove themselves.”

Keo Lukefahr, Global Derivatives Trading, Phillips 66

A huge thank you to all the inspirational women we spoke with for their words of wisdom. You’re not just part of the change, you’re leading it. By staying visible, you’re inspiring the next generation of female leaders in commodities—showing them they belong in spaces where they see others like them.

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