Oil Ground Up

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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.

  1. −5 H

    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 contracts, effectively "equitizing" a complex asset class that would otherwise require managing margin calls and rolling positions. A key distinction Love makes is that USO is designed to track the daily economic return of its underlying contracts, not the long-term spot price of oil, meaning its performance is heavily influenced by the "roll yield". The conversation addresses the current record backwardation in WTI, which recently saw prompt spreads hit $15 a barrel, a historic level of physical scarcity driven by the ongoing Hormuz energy crisis. This volatility is compared to the "uncharted territory" of April 2020, when futures prices plummeted to negative $37, forcing the fund to temporarily shift from a front-month strategy to a multi-contract basket to ensure stability. Finally, while there is political pressure for "drill, baby, drill" in the U.S., Love observes that many producers remain cautious due to capital discipline and the inability to lock in high spot prices on the back end of the futures curve.

    57 min

  2. 2 APR.

    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 shock Fawaz describes as orders of magnitude more severe than any recent crisis. Unlike the managed demand destruction of the pandemic, this unmanaged supply loss forces a chaotic rebalancing that threatens to trigger a "global depressionary contraction" across the global South. The guests delve into the "Unilateral Taco" scenario, analyzing the potential collapse of the Carter Doctrine if President Trump chooses to withdraw U.S. security guarantees from the region. The discussion highlights the emergence of "Fortress North America," noting that the U.S. and Canada are uniquely positioned to weather the crisis through domestic production and flexible refining capacity. Ultimately, Fawaz warns that this is no longer just an intellectual exercise in balancing spreadsheets, but a human catastrophe with life-or-death consequences for millions.

    58 min

  3. 31 MARS

    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 protect the flow of oil, a guarantee that now appears to be evaporating as Trump signals an end to U.S. protection for global energy routes. With the Strait of Hormuz closed for over a month and oil prices soaring toward $200, the episode explores the "Unilateral Taco" scenario where Trump might abruptly end hostilities regardless of whether the waterway is reopened. Brew analyzes Iran's shift from a struggle for survival to a strategic effort to maximize gains and impose tolls, leveraging their functional control over the world's most critical maritime chokepoint. The conversation also breaks down the "hydraulic relationship" between energy prices and political pressure, specifically how Iran uses allies like the Houthis as a lever to keep prices high and force a U.S. de-escalation. Brew examines the precarious position of GCC nations and Israel, who face the risk of their territories becoming permanent "live fire zones" if the U.S. abandons its traditional security role. Finally, the episode questions what a post-war status quo looks like and whether the credibility of U.S. energy guarantees can ever be restored after such a fundamental shift in geopolitical priorities

    53 min

  4. 19 MARS

    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 than a recessionary risk, threatening a "global depressionary event" that could fundamentally break energy markets and trigger double-digit contractions in regional economies. Reed breaks down the strategic impasse, noting that while the Trump administration seeks to degrade Iranian military capacity, Tehran is focused on regime survival by raising the global cost of intervention. The episode details a significant escalation in violence, highlighting recent Iranian strikes that targeted critical refineries in Kuwait and Saudi Arabia, as well as the destruction of Qatari LNG facilities. A major point of concern is the vulnerability of the East-West pipeline at Yanbu, demonstrating that even infrastructure designed to bypass the Strait is now within the reach of Iranian drones and missiles. The speakers address the "mystifying" price disconnect between Brent paper markets and the extreme physical scarcity reflected in $170 cash prices for Dubai crude and $200 jet fuel in Asia. In a surprising turn, the discussion touches on potential White House desperation, including rumors of seizing Iranian territory or offering sanctions relief to restore global supply. Finally, Reed concludes that the Strait remains a "shooting gallery" where commercial ships are ineligible for insurance, creating a crisis of lost time that could take years to repair.

    57 min

  5. 13 MARS

    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 warfare" to what leadership now describes as an "existential war," abandoning its traditional "strategic patience" in favor of lashing out to create maximum economic chaos. Itayim details the severe physical disruptions to the market, revealing that nearly 8 million barrels per day have been shut in across Saudi Arabia, the UAE, Kuwait, and Iraq. A major focus is placed on the strategic maneuvers of Saudi Aramco, which is "sweating its assets" by utilizing the East-West pipeline to bypass the Strait of Hormuz and export crude through the port of Yanbu. Host Rory Johnston and Nader critique the Trump administration's lack of a clear endgame, highlighting the tension between military goals like "sinking the Navy" and the urgent need to prevent a full-scale global economic depression. The conversation delves provides insight into the fragmented leadership within Tehran, where various power centers like the IRGC may be operating independently to target regional refineries and critical infrastructure. But what does an end game to this conflict look like? Rory and Nader question whether the Gulf can ever return to being a "safe neighborhood" after such a profound display of regional instability.

    1 tim 4 min

  6. 27 FEB.

    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 U.S. has moved from an aggressive naval blockade to a tightly managed stabilization effort following the extraction of Nicolás Maduro. Regarding Iran, Ziemba examines the massive military buildup in the Middle East and evaluates the possibility of a pragmatic "deal" designed to lower global oil prices. The conversation also breaks down the convoluted sanctions regime against Russia, detailing how recent blocking measures on major firms like Rosneft and Lukoil have significantly curtailed Indian imports. Finally, the episode highlights the challenges of the "shadow fleet" and the geopolitical dance between the U.S. administration and international oil majors to secure global supply chains.

    1 tim 8 min

  7. 20 FEB.

    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 prices. Schachter also addresses the infrastructure challenges in Canada, the importance of refining margins, and the potential for investment in the sector as foreign companies return. The discussion concludes with an overview of the risks to the bullish outlook for oil prices and the future of the energy sector.

    59 min

  8. 29 JAN.

    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 and extensive pipeline networks that crisscross continental Asia. Smith explains the geographic evolution of production, highlighting West Siberia as the current "anchor" while exploring the future potential of Arctic and East Siberian greenfields. Listeners will learn about the immense logistical hurdles of operating in the world's largest swamp and the technological shift toward horizontal drilling and multi-stage fracking in deeper, tighter horizons. The conversation also uncovers how Russia’s tax regime and ruble devaluation serve as unique economic buffers, allowing production to remain resilient despite international sanctions and price caps. Finally, Smith provides a forward-looking assessment of Russia’s commitment to OPEC+ and the strategic importance of the massive Vostok Oil project in maintaining future global supply. Ronald's Substack can be found HERE

    1 tim 7 min
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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.

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  • Kanal
    Oil & Gas Global Network
  • Skapad av
    Oil Ground Up
  • Aktiva år
    2023 - 2026
  • Avsnitt
    57
  • Åldersgräns
    Barnvänligt
  • Copyright
    © Oil Ground Up
  • Programmets webbplats
    Oil Ground Up
  • Leverantör

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