The Micro Structure of Oil Markets – Jonathan Goldberg

Featuring Jonathan Goldberg

Having built his reputation trading oil with Goldman Sachs and Glencore, Jonathan Goldberg ventured into starting energy hedge fund firm BBL Commodities. In this interview with Jawad Mian, Jonathan delves into the micro structure of oil markets and explains his approach to trading the energy spectrum, while sharing insights into time horizons and position sizing, as well as new ways to think about investing in commodities.

Filmed on January 24, 2017 in New York

Published on
9 February, 2017
Energy Commodities, Investment Framework, Hedge fund
45 minutes
Asset class


  • CT

    Christopher T.

    9 8 2018 04:33

    0       0

    More jawad and more Jonathan goldberg!

  • CH

    Calvin H.

    14 2 2017 23:30

    5       0

    Bring him back please! Yes, more on oil and gas to balance the gold.

  • SR

    Skip R.

    13 2 2017 11:03

    1       0

    I'd also love to hear more interviews hosted by Jawad. I love R

  • SR

    Skip R.

    13 2 2017 10:50

    3       0

    On of my favorites. More Commodities traders across the complex. Such nuanced markets. We've got Gold covered. On to great traders in Energy, Ags and softs. Fantastic!

  • PS

    PD S.

    12 2 2017 22:52

    2       0

    This was a great interview, surely one I will keep on my "watch later" page for viewing once again later. And the guy interviewed from BBL was excellent, I very much enjoyed hearing his story and how he came up in the oil trading business, particularly since I am principally an oil trader myself. Great job guys, and keep up the good work!

  • TW

    Tom W.

    10 2 2017 14:37

    0       0


  • KC

    Klendathu C.

    10 2 2017 12:32

    1       0

    Love the incredibly nuanced discussion on the oil and gas markets. A lot of little comments that have profound implications. This will be one to watch again and again.

  • Nv

    Nick v.

    10 2 2017 09:58

    1       0

    Excellent interview. From both sides

  • JV

    Jens V.

    10 2 2017 09:56

    0       0

    Great interview. Always interesting to hear the story of a good trader and get insight on their setup, market approach, etc.
    A good reminder of how much work and effort goes into being a successful tr

  • SL

    Steven L.

    10 2 2017 03:24

    0       0

    I was hoping to find a Twitter presence for Jonathan Goldberg but I didn't. Anyone?

  • MC

    Minum C.

    9 2 2017 20:01

    13       0

    This was a very insightful interview. One of the comments I found interesting is when he suggested the cost structure of shale has come down but the cash flow still isn't there which he felt was fine as long as funding markets are friendly (low interest rates, tight credit spreads, and an arguably generous equity market). Taken in conjunction with Jawad's question on depletion rates, this becomes a bit more relevant. A company that has a high decline rate and isn't able to replace its reserves by converting existing resources to reserves is surely problematic. In an environment where production costs rise and fall in line with WTI (albeit with leads and lags), is it wrong to suggest the state of credit and equity markets are likely to be more relevant for shale producers that cannot convert resources to reserves to replace the depletion of existing production?

  • DM

    Daniel M.

    9 2 2017 18:28

    9       3

    I didn't know young Tom Hanks was an oil trader...
    Good interview!

  • RM

    Richard M.

    9 2 2017 16:38

    21       0

    Very interesting interview. Jawad does an admirable job as an interviewer (not that Grant or Raoul need to worry, but Jawad would be a welcome regular as far as interviewers go!).