Pierre Andurand on How We Might Get $200 a Barrel Oil
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 17 March 2022
⏱️ 52 minutes
🧾️ Download transcript
Summary
Russia's invasion of Ukraine has kicked off a giant mess in the world of commodities and sent prices surging. Commodities trader Pierre Andurand has made his name from navigating volatile energy markets, correctly positioning for negative prices oil in April 2020. Now, he sees tightness in the energy market staying for some time. On this episode of Odd Lots, he tells Joe Weisenthal and Tracy Alloway how we might end up getting $200 per barrel crude oil by the end of the year, and what that would mean for the world.
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| 0:50.0 | Hello and welcome to another episode of the Odlots Podcast. I'm Tracy Alloway. And I'm Joe |
| 0:56.0 | Joe, have you looked at the price of oil recently? No, is it doing something? Has oil been moving |
| 1:01.9 | lately? I don't know. You hadn't noticed. Yes, it has. I think we're recording this on March 10th, |
| 1:09.2 | but just in the past couple of days, oil spiked almost 20% and then came down by almost 20% as well |
| 1:16.2 | the next day. So just incredibly volatile times for commodities across the complex. Yes, in fact, |
| 1:22.9 | I think within the last week, we both had the biggest update for the Bloomberg commodity |
| 1:27.6 | spot index since 2008 and the biggest down day for the same index since 2008. Unreal volatility, |
| 1:34.5 | because you have the combination of an extremely tight market across the board combined with geopolitical |
| 1:41.6 | events that, of course, are inherently uncertain, nonlinear and unpredictable. Yeah, and you |
| 1:47.7 | can't have to wonder what it's actually like to be trading commodities at the moment because not |
| 1:52.6 | only do you have this massive price volatility, but you also have everything that's going on in the |
| 1:57.4 | background with financing and exchanges, then having to deal with this intense volatility and |
| 2:04.0 | sometimes, you know, sort of canceling trades, which is something we saw from the London Metal |
| 2:08.4 | Exchange of financing has become an issue. People taking physical, physical delivery of stuff, |
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