Comment by SergeAx

I feel like it's a more complicated story going on.

Post exercise I will often have a sort of hunger roller coaster. Naively, imagining the body's metabolism, hunger is responding to perception of a calorie deficit in the blood : organs demanding energy and blood sugar decreasing, forcing burning of calories from stored reserves.

But what if your body is able to efficiently maintain glucose levels? in that case exercise might not induce hunger, in fact it might be that exercise stimulates alternative pathways that release energy and these stay active even after you finish exercising. This might well be much more the case for well trained athletes than regular people. Or it might depend on diet or loads of other factors.

Personally, I have found that exercise is nearly pointless any time other than right before I eat. So exercising before breakfast is perfect because the stimulated hunger response is immediately satisfied by eating breakfast. But I don't eat more breakfast than I usually would, so it's a win.