PODCAST · business
Oil Ground Up
by Oil Ground Up
Rory Johnston navigates listeners through the financial market dynamics of the world's oil and gas sector. Get the latest fundamentals behind the price action and hear from industry experts from the field and from the corporate offices of the world's leading energy producers.
Episodes
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Why Oil Hasn't Hit $200—and What Happens Next | Javier Blas
What happens to the global oil market when the Strait of Hormuz remains disrupted for months, tanker shipping costs explode, and China dramatically reduces its crude imports? In this episode of Oil Ground Up, host Rory Johnston welcomes Javier Blas, Bloomberg Opinion columnist and co-author of…
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Hormuz, Diesel & the Return of the Geopolitical Risk Premium
What happens when geopolitical risk stops being theoretical and begins physically reshaping global oil flows?On this episode of Oil Ground Up, Rory Johnston is joined by Michelle Brouhard, Head of Policy and Geopolitical Risk at Kpler, for a wide-ranging discussion on the collision between...
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Keystone XL Is Back—But North America’s Oil Map Has Changed
North America is suddenly facing a wave of new oil pipeline proposals—but which projects actually make commercial sense, and which are being driven by energy security and geopolitics? On this episode of Oil Ground Up, Rory Johnston is joined by Rob Wilson, President of East Daley Analytics, for a...
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The Oil Market Is Tighter Than It Looks | David Wech
Rory Johnston returns to Oil Ground Up with David Wech, Chief Economist at Vortexa, for a deep dive into one of the most complicated oil markets in recent memory. With crude and refined products moving through increasingly opaque trade routes, Rory and David examine what tanker data is actually...
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Jeff Currie: Everything You Know About Oil Markets Is Wrong
Jeff Currie joins Rory Johnston on the Oil Ground Up Podcast for a wide-ranging conversation on commodity price discovery, the changing structure of energy markets, and why today's geopolitical environment is unlike anything investors have faced in decades. Together they examine the aftermath of...
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The Fragile Peace Reshaping Global Oil Markets
Gregory Brew returns to the Oil Ground Up Podcast to examine the evolving geopolitical landscape in the Middle East following the U.S.-Iran ceasefire and what it means for global energy markets. Gregory and Rory Johnston discuss the fragile status of the Strait of Hormuz, Iran's shifting...
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Why Oil Tankers Still Are Not Returning to the Strait of Hormuz
Rory Johnston welcomes maritime historian and shipping expert Dr. Sal Mercogliano to Oil Ground Up for a deep dive into the evolving Strait of Hormuz crisis and what it means for global oil markets. Together, they examine why commercial shipping ground to a halt, how tanker operators are weighing...
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Bob McNally on Hormuz, Oil Prices, and the End of Energy Security Assumptions
Rory Johnston welcomes legendary energy analyst Bob McNally to Oil Ground Up for a sweeping conversation on the Strait of Hormuz crisis, global oil supply disruptions, and the fragile state of today’s energy markets. Bob reflects on decades of experience spanning the White House, hedge funds, and...
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How Iran Weaponized the World’s Most Important Oil Chokepoint
Edward Fishman joins Rory for a sweeping conversation on the evolution of modern economic warfare, the origins of U.S. sanctions strategy against Iran, and how today’s Strait of Hormuz crisis is reshaping global energy markets in real time. Drawing from his book Choke Points, Fishman explains how...
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Energy Stocks Are Still Cheap? Eric Nuttall Explains the Opportunity
Eric Nuttall joins the Oil Ground Up podcast to discuss what he believes is the largest energy supply shock in modern history following the prolonged closure of the Strait of Hormuz. He explains why markets remain dangerously complacent despite massive global inventory drawdowns, rising...
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Tracking Tankers Through Chaos: Shadow Fleets, Blockades, and the New Oil War
Maritime intelligence expert Michelle Bockmann joins the Oil Ground Up podcast to unpack the unprecedented disruption in global oil flows following the effective closure of the Strait of Hormuz. She explains how Iran’s shadow fleet has continued operating under the radar while broader tanker...
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Amena Bakr on the Market Blindness to the 13 Million Barrel Shock
Amena Bakr, the Head of Middle East Research at Kpler, joins Rory to provide an inside look at the functional closure of the Strait of Hormuz, where daily traffic has collapsed from 170 vessels to just 5% of its pre-war levels. The sources indicate that even with an optimistic base case for...
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Paper vs Physical: Inside Oil’s $30 Backwardation Shock with Veteran Trader Adi Imsirovic
Adi Imsirovic, a veteran oil trader and former academic, returns to the podcast to break down the mechanics of the Brent market at a moment of historic disruption. With more than 13 million barrels per day of supply offline and extreme volatility across the curve, Imsirovic explains how oil…
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Record Backwardation: Understanding the Economic Return of USO in the Midst of a Global Supply Loss
John Love, the CEO of USCF Investments, joins the podcast to celebrate the 20th anniversary of the United States Oil Fund (USO), which was the third commodity ETF ever launched. He explains that unlike physical gold funds, USO provides investors with access to the oil market by holding futures...
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Brutal Barrel Math: The Destruction of 10+ Million Barrels a Day Demand
Karim Fawaz joins the Oil Ground Up podcast to analyze the relentless four-week closure of the Strait of Hormuz and its impact on global energy balances. The conversation explores why futures markets are "grievously underpricing" the current physical loss of 12 to 13 million barrels per day, a...
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An End to the Carter Doctrine? - What it would Mean if US Left the War While the Strait is Still Shut?
Gregory Brew of Eurasia Group joins Rory to discuss the potential collapse of the Carter Doctrine following a provocative social media post by President Trump regarding the security of the Persian Gulf. The discussion centers on the 1980 policy that committed the U.S. to using military force to...
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Why There is No Off-Ramp for Trump’s Gulf War
Matt Reed, Vice President at Foreign Reports, joins the Oil Ground Up Podcast to analyze the unprecedented and total closure of the Strait of Hormuz, a crisis that has now entered its third week with no clear off-ramp in sight. The conversation explores how a prolonged blockage represents more…
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View from the Gulf: Nader Itayim on Iran’s "Existential War" and the 8 Million Barrel Shutdown
Nader Itayim of Argus Media joins the Oil Ground Up podcast to analyze the unprecedented escalation of the direct conflict between Iran, Israel, and the United States and its devastating impact on global energy markets. The discussion explores how Iran has transitioned from decades of "proxy...
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From Economic to Kinetic Statecraft: Enforcing US Oil Sanctions
In this episode of the Oil Ground Up Podcast, guest Rachel Ziemba joins host Rory Johnston to provide an update on the rapidly shifting landscape of U.S. economic statecraft and its impact on Venezuela, Iran, and Russia. The discussion explores the unprecedented transition in Venezuela, where the...
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The Outlook for Canadian Oil Production with Josef Schachter
In this conversation, Josef Schachter discusses the current state of the oil market, emphasizing the ongoing energy super cycle and the challenges faced by both US and Canadian oil production. He highlights the limitations of OPEC in increasing production and the implications for global oil…
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The Ruble Fortress: Why Russia’s Oil Sector Thrives While the West Predicts Collapse
In this episode of the Oil Groundup Podcast, host Rory Johnston welcomes Ronald Smith, a consultant with 25 years of experience analyzing the Russian oil and gas sector. The discussion delves into why Russia’s industry is far more complex than other OPEC+ members due to its vast refining sector…
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Venezuela Under Remote Control: The Capture of Maduro and the Future of Global Oil
This episode explores the extraordinary start to 2026 following the capture of Nicolás Maduro by US forces and his subsequent transport to stand trial in New York. Host Rory Johnston is joined, once again, by Francisco Monaldi of Rice University’s Baker Institute to analyze the new "remote…
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Inside the High-Stakes World of Wireline and Modern Fracking
This episode of the Oil Ground Up podcast features host Rory Johnston in conversation with Andy De La Rosa, a senior field engineer with 15 years of experience in the wireline industry. De La Rosa describes wireline as the "tip of the spear" for the fracking process, utilizing specialized trucks...
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From Super Major to Super Surplus: Parsing Chaos in the Oil Market with Doug Terreson
The Oil Ground Up podcast welcomes Doug Terreson to parse the dynamics of the chaotic and confusing current oil market. Terreson details his illustrious career path, which included drilling oil wells for Schlumberger, managing one of the world’s largest energy funds on the buy side at Putnam, and...
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What's at Stake with Venezuela's Oil Industry as US Military Activities Escalate
The Trump Administration has gotten increasingly aggressive in its relations with Nicholas Maduro's government in Venezuela, accumulating a historic volume of US military capability in the Caribbean and cancelling a raft of oil sector operating licenses. Whether or not this leads to outright…
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The Future of Canada's Oil Sands: Production, Pipelines and Policy
The Western Canadian oil industry pumps more crude than most OPEC members but its production is located far from consuming markets and depends on a dizzying array of pipelines to connect that supply to end demand. At the same time, Canada's oil producers have had to navigate a quagmire of...
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SuperSpiked: Arjun Murti on Why "Super Volatility" Replaced the Super Cycle
Rory Johnston welcomes Arjun Murti, a partner at Veriten and former Goldman Sachs equity research analyst with 33 years of experience covering the full energy value chain. Murti discusses his Substack, SuperSpiked, explaining that the branding harkens back to the 2004 call for a super cycle…
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The DOPE Cycle: Doubt, Optimism, and Oil Market History
This episode of the Oil Ground Up, hosted by Rory Johnston, welcomes back Robert Connors of Crude Chronicles to delve into the broad historical sweep of oil market cycles. Connors explains his long-term analysis, introducing the "DOPE cycle" (Doubt, Optimism, Parabolic Euphoria), and suggests the...
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Oil Arbitrage 101: How Price Signals Move Barrels Around the Globe
In this episode of Oil Ground Up, host Rory sits down with June Goh, Senior Market Analyst at Sparta, for a masterclass on the physical oil market. With a background as a chemical engineer and years of experience in scheduling, trading, and strategy at Shell's Pulau Bukong refinery, June offers a...
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Unpacking Oil's Virtual Barrel and How 'Fast Money' Drives Oil Prices
Today we speak with Dr. Ilia Bouchouev, former President of Koch Global Partners where he launched and managed the global derivatives trading business for over 20 years. Traditional supply and demand models no longer explain the oil market, where the correlation between fundamentals and price is...
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Energy Risk Unpacked with Steve Sinos: Hedging Energy's Volatility
ory dives deep into energy risk management with industry veteran Steve Sinos. Steve, with over 20 years of experience, explains how energy derivatives—from Futures and Options to CFDs—are crucial risk management tools designed to shift, not destroy, market risk. The episode frames this through…
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The Policy Price Tag: Inside the Uneconomic World of Renewable Diesel
Rory speaks with Bloomberg expert Brett Gibbs about the Renewable Fuel Standard (RFS) and its profound impact across energy, agriculture, and gasoline prices. Brett highlights the market's policy-driven nature, contrasting stable ethanol volumes with the rapid, four-fold growth of renewable…
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Price Sensitivities in US Shale and Breakeven Metrics: Brandon Myers on Forecasted Stability
In this conversation, Brandon Myers from Novi Labs discusses the intricacies of shale production, focusing on type curves, price sensitivity, and the evolving landscape of the US shale patch. He emphasizes the importance of understanding breakeven metrics and the impact of inventory dynamics on...
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Tariff Tensions: US-India Trade Under the Spotlight with Russia in the Shadows
In this episode of the Oil Ground Up podcast, host Rory Johnston delves into the complex dynamics of US-India trade relations, focusing on the recent imposition of secondary tariffs by President Trump in response to India's continued purchases of Russian oil. Joined by Gregory Brew, a senior...
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Canadian Oil: Growth in the Duverney and Montney, and the Race for MEG
In this episode of "Oil Ground Up," host Rory Johnston delves into the dynamic landscape of the Western Canadian oil and gas sector with expert insights from Michael Spyker, Principal Analyst at HTM Energy Partners. The discussion navigates the complexities of the non-oil sands sector, focusing…
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Oil's Power Play: Sanctions and Global Economic Strategy with Rachel Ziemba
In this episode of "Oil Ground Up," host Rory engages with Rachel Ziemba, an expert in sanctions policy, to unravel the intricate web of economic statecraft. They delve into the complexities of sanctions regimes under the Trump administration, exploring their impact on global oil markets and...
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Strategic Reserves: Navigating the SPR's Past and Future with Arnab Datta
In this episode of the Oil Ground Up podcast, host Rory Johnston is joined by Arnab Datta, Managing Director of Policy Implementation at Employ America, to delve into the intricate history and evolving role of the U.S. Strategic Petroleum Reserve (SPR). Discover why the SPR was established in the...
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How Kpler is Revolutionizing Oil Market Data: In-Depth with François Cazor
In 2014, the collaborative vision of engineers François Cazor and Jean Maynier ignited a journey towards revolutionising trade through the power of innovative data technology. Today, OGU Host, Rory Johnston, welcomes Francois Cazor onto the pod to discuss the evolution of oil market data, the...
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Karim Fawaz on the Evaporating Geopolitical Risk Premium we see in Oil Markets
Rory Johnston speaks with Karim Fawaz, Director of Oil Markets and Refining at S&P Global Commodity Insights. They discuss the evolving dynamics of the oil market, particularly the geopolitical risk premium, spare capacity, and the changing demand landscape influenced by the US and China. Karim...
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Iranian Escalation or a Neutralized Threat? - Matt Reed on Iran's Indefensible Oil Industry
Rory and Matt Reed discuss the recent escalation of tensions between Iran, Israel, and the United States, focusing on the military actions taken by Israel against Iranian targets and the implications for regional stability and the oil market. They explore the motivations behind Israel's strikes,...
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The Dynamics of Tanker Chartering and Freight Rates in Oil Markets
This conversation delves into the critical role of tankers in the global oil market with shipping analyst Jeff McGee of Makai Marine. Him and Rory explore the importance in transporting crude and refined products using the tanker market. The discussion covers the various types of tankers, the…
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Facing the Contradictions of Today's Oil Market with Tamas Varga
In this episode of the Oil Ground Up podcast, host Rory speaks with Tamas Varga, a seasoned oil market analyst from PVM Oil Associates, about the current state of the oil market. They discuss the complexities of oil demand, particularly focusing on macroeconomic indicators, the impact of...
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Mark Rossano on Refining Industry Dynamics and Expected "Brownouts this Summer"
Mark Rossano connects with Rory and discusses the complexities of the oil and gas market, focusing on price volatility, OPEC's production strategies, and the geopolitical implications of Iran and Russia's oil exports. He emphasizes the importance of diesel in the economy and the impact of EU...
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Adi Imsirovic on OPEC's Dilemma: Balancing Production, Demand and an Evolving US Tariff Policy
OGU's new host, Rory Johnston, welcomes in Adi Imsirovic to delve into the complexities of the oil trading industry, exploring Adi's extensive background in both academia and commercial trading. They discuss the current challenges faced by OPEC, the impact of tariffs on oil demand, and the…
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Geopolitical Implications of Natural Gas Supply and Shipping Challenges
In this episode of the Oil Ground Up podcast, Dr. Robert E. Brooks discusses the evolution of the LNG market, the role of RBAC in energy modeling, and the current dynamics of global energy supply, particularly focusing on the relationship between the U.S. and China regarding LNG exports. Dr.…
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Unlocking Onshore Oil Potential in Namibia with ReconAfrica
Tony Greer interviews Brian Rainsborough and Chris Sembritzky from Renaissance Energy Africa about their exciting oil exploration efforts in Namibia. They discuss the significance of drilling one of the largest onshore wells in history, the geological challenges and potential of the region, and…
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Patrick De Haan talks Falling Gas Prices with Refining Declines in the United States
In this episode of the Oil Ground Up podcast, Patrick De Haan, Lead Petroleum Analyst at GasBuddy, discusses his career journey and the role of GasBuddy in tracking gas prices. He delves into the impact of energy policies on oil prices, the dynamics of OPEC's production decisions, and the…
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Canadian Energy and LNG Outlook with Josef Schachter
Josef Schachter, President of Schachter Energy Research Services, provides insights into the oil market and Canadian energy sector. He discusses the impact of US tariffs on Canadian oil, noting that the weakened Canadian dollar can offset some of the tariff's impact, and that the US Midwest…
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Understanding Oil Tariffs and Their Impact with Steven Sinos
In this episode of the Oil Ground Up podcast, Ian Wagner sits in for Tony Greer and interviews Steve Sinos, managing partner at Blue Lacy Advisors, about the intricacies of risk management in the energy sector. They discuss the importance of understanding commodity risk, the dynamics of oil and...
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Robert Connors on how Global Money Supply has Impacted Energy Prices
Tony Greer and Robert Connors delve into the current state of the energy markets, exploring the impact of political changes, trends in oil and natural gas prices, and the future of uranium and nuclear energy. Connors shares his insights on the importance of returns on capital in the energy sector...
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ABOUT THIS SHOW
Rory Johnston navigates listeners through the financial market dynamics of the world's oil and gas sector. Get the latest fundamentals behind the price action and hear from industry experts from the field and from the corporate offices of the world's leading energy producers.
HOSTED BY
Oil Ground Up
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How many episodes does Oil Ground Up have?
Oil Ground Up currently has 69 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.
What is Oil Ground Up about?
Rory Johnston navigates listeners through the financial market dynamics of the world's oil and gas sector. Get the latest fundamentals behind the price action and hear from industry experts from the field and from the corporate offices of the world's leading energy producers.
How often does Oil Ground Up release new episodes?
Oil Ground Up has 69 episodes. Check the episode list to see recent publication dates and frequency.
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Who hosts Oil Ground Up?
Oil Ground Up is created and hosted by Oil Ground Up.
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