In the first of a two-parter, we return to the 1860s and the origins of the modern traded market, find out who were the ‘Dump Men’ of Oil Creek, and explore the role of Standard Oil and Rockerfeller on pricing.
LISTEN ON SPOTIFYIn the second of a two-parter, we discuss how the oil trade grew outside of the USA in the years around WWI-WWII, the IOCs vs NOCs, price benchmarks in the 1970s/80s, and the factors behind the growth of ‘free’ oil markets which lay the groundwork for the Brent benchmark to emerge.
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In the first of a two-parter, we discuss the North Sea oil discoveries, the role of the British National Oil Corporation (BNOC) in pricing, and why London made sense as the hub for a new industry of oil trading.
LISTEN ON SPOTIFYIn the second of a two-parter, we explore the proliferation of trading around Brent crude oil, the role of the so-called ‘Wall Street Refiners’, and our guests offer their take on the Brent benchmark.
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In this episode, we return to the 1980s to explore the background to the Dated Brent benchmark, the role of the PRAs, and why price benchmarks became integral to the functioning of oil markets.
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In the first of a two-parter, we explore how Mark first got interested in oil, how he made the leap into trading from refining, and discuss Shell’s role in Brent market standardisation.
LISTEN ON SPOTIFYIn the second of a two-parter, Mark gives us his recollections of Brent reform in the 2000s, and we get his verdict on the benchmark’s remarkable survival story.
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In the first of a two-parter, we unpack the galaxy of Brent prices, explore the impact of declining North Sea oil production, and consider the latest proposals to reform Dated benchmark.
LISTEN ON SPOTIFYIn the second of a two-parter, we continue to discuss the proposals to reform Dated Brent, ponder what lies beyond Brent, and, as we reach the end of the series, ask has it been an effective pricing tool?
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