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Oil Ground Up

Oil Ground Up
OPEC
Iran
Venezuela
Oil Market
United States
Oil Markets
Strait Of Hormuz
Strategic Petroleum Reserve
Oil Industry
Trump Administration
Biden Administration
Kpler
Oil Market Data
Hormuz
Natural Gas Market
Oil Trading
Tariffs
Russia
Employ America
Oil and Gas Industry

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.

PublishesWeeklyEpisodes66Founded4 years ago
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BusinessInvesting

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Artwork for Oil Ground Up

Latest Episodes

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 d... more

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... more

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 grou... more

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 experi... more

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Recent Guests

Jeff Currie
Former and longtime head of commodity research at Goldman Sachs; current board/director roles and strategic advisor in energy/commodity space
Goldman Sachs (former); ABEX Markets; Carlisle Energy Pathways; board roles
Episode: Jeff Currie: Everything You Know About Oil Markets Is Wrong
Salvatore Mercogliano
Maritime historian
Campbell University
Episode: Why Oil Tankers Still Are Not Returning to the Strait of Hormuz
Bob McNally
Founder and president of Rapidan Energy Group; former White House Energy Advisor
Rapidan Energy Group
Episode: Bob McNally on Hormuz, Oil Prices, and the End of Energy Security Assumptions
Edward Fishman
Senior fellow and director of the Maurice R. Greenberg Center for Geoeconomics at the Council on Foreign Relations
Council on Foreign Relations
Episode: How Iran Weaponized the World’s Most Important Oil Chokepoint
Eric Nuttall
Partner and senior portfolio manager, Nine Point Partners LP, Toronto
Nine Point Partners LP
Episode: Energy Stocks Are Still Cheap? Eric Nuttall Explains the Opportunity
Michelle Bockmann
Senior Maritime Intelligence Analyst at Windward AI
Windward AI
Episode: Tracking Tankers Through Chaos: Shadow Fleets, Blockades, and the New Oil War
Amena Bakr
Head of Middle East Energy and OPEC Plus Insights at Kepler
Kepler
Episode: Amena Bakr on the Market Blindness to the 13 Million Barrel Shock
Adi Imsirovic
Lecturer at the University of Oxford, former head of oil trading, author
University of Oxford
Episode: Paper vs Physical: Inside Oil’s $30 Backwardation Shock with Veteran Trader Adi Imsirovic
John Love
President and Chief Executive Officer of USCF Investments
USCF Investments
Episode: Record Backwardation: Understanding the Economic Return of USO in the Midst of a Global Supply Loss

Host

Rory Johnston
Host of Oil Ground Up; founder of Commodity Context (frequent citation across episodes)

Reviews

4.7 out of 5 stars from 83 ratings
  • Not Worth The Listen

    It would be nice if this were a business focused podcast. Instead we have to listen to a hysterical left-wing Canadian with a bad case of TDS. A missed opportunity wasted on the hosts personal ideology and hatred of President Trump…

    Apple Podcasts
    1
    TJ 54321
    United States4 months ago
  • Very informative

    Rory looks at oil, oil sands, and energy—starting in Canada and going beyond.

    Apple Podcasts
    5
    Peter Rocca
    Hong Konga year ago
  • Awesome

    Tony is the man. Listen up y’all.

    Apple Podcasts
    5
    WildlyFastWill7
    United States3 years ago
  • Always bringing it

    Tony brings straight up takes on the energy industry with a great stable of guests.

    Apple Podcasts
    5
    Honest D
    Canada3 years ago
  • Good insights

    I’m a big fan of Tony’s from TG tuesdays on RV, and he brings the same sort of real talk, smart market insight to this podcast. I thought the episode with Dave Williams was great. As someone who follows markets closely, and is considering a move to the oil and gas industry, I thought it was a nice little window into the world, and I’d love to hear the more nerdy technicals he mentioned!

    Apple Podcasts
    5
    MikGiant
    United States3 years ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Strong technical insights that connect geopolitics to market moves.
Guests are top-notch; the show consistently delivers actionable context for investors.
Appreciates how the host threads policy nuance with trading realism.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Talking Points

Recent interactions between the hosts and their guests.

Jeff Currie: Everything You Know About Oil Markets Is Wrong
Q: What does it mean when you say commodities are not anticipatory assets, and how does that show up in the futures curve?
Currie explains that the front end of the curve must reflect today's fundamentals and cannot embed future expectations; mispricing or speculative bets on future supply can create contango or backwardation, but the front end should price current conditions while the back end moves with broader industry repricing and capital costs.
The Fragile Peace Reshaping Global Oil Markets
Q: How might US policy evolve given the leakage of sanctions relief and nuclear talks?
Policy is likely to extend the transitional status quo beyond 60 days, with rounds of negotiations playing out while both sides avoid a full resumption of war, and with Israel embedding its own security priorities into responses to Iran's gains.
The Fragile Peace Reshaping Global Oil Markets
Q: What does Iran want from this new arrangement, and can they sustain it?
Iran appears to seek tolls and greater influence over the Strait, but there is skepticism about their ability to sustain a full control regime; regional actors and the US are wary of giving Iran a perpetual veto, so a compromise backed by Gulf states seems more likely than total domination.
The Fragile Peace Reshaping Global Oil Markets
Q: What is the current status of the Strait of Hormuz and why is it fragile?
The Strait remains partly open with a 30-60% reversion toward pre-war traffic, but the broader security and political assurances are still unsettled as both sides test the other's willingness to de-escalate while preserving leverage.
How Iran Weaponized the World’s Most Important Oil Chokepoint
Q: What were the central design choices behind the Menendez-Kirk exemptions and why did they matter for oil markets?
The design allowed exemptions for countries that significantly reduced purchases over six months, preventing abrupt loss of Iranian buyers and helping stabilize oil markets while advancing sanctions on Iran's central bank and oil sales.

Audience Metrics

Listeners, social reach, demographics and more for this podcast.

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Frequently Asked Questions About Oil Ground Up

What is Oil Ground Up about and what kind of topics does it cover?

Focusing on energy markets through a trading and policy lens, this show pulls together in-depth risk analysis, macro- and micro-level price drivers, and practical investment takeaways. Episodes consistently explore geopolitical shocks (notably Hormuz-related disruptions), sanctions and statecraft, how physical flows interact with paper markets, and the implications for energy equities, ETFs, and infrastructure. The conversations skew toward expert voices—geopolitical analysts, senior traders, and policy researchers—who translate complex dynamics into actionable insights for investors, traders, and energy professionals. A notable strength is its ability to pair high-concept geopolitics with concrete market mechanics, from tanker tracking to ... more

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1. Macro Voices
2. Monetary Matters with Jack Farley
3. The Market Huddle
4. Value Hive Podcast
5. Mining Stock Daily

How many episodes of Oil Ground Up are there?

Oil Ground Up launched 4 years ago and published 66 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Oil Ground Up?

Recent guests on Oil Ground Up include:

1. Jeff Currie
2. Salvatore Mercogliano
3. Bob McNally
4. Edward Fishman
5. Eric Nuttall
6. Michelle Bockmann
7. Amena Bakr
8. Adi Imsirovic

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