Jeff Currie: Everything You Know About Oil Markets Is Wrong

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 decades. Together they examine the aftermath of the Strait of Hormuz crisis, the disconnect between crude oil and refined product markets, and why volatility—not price direction—has become the defining feature of modern commodity investing. Jeff also shares his long-term outlook on deglobalization, energy security, electrification, and the structural forces he believes will continue to reshape global commodity markets for years to come. It's an insightful discussion that blends macroeconomics, market structure, and real-world trading experience to explain what comes next for oil and commodities. Whether you're an investor, trader, energy professional, or simply interested in the forces shaping the global economy, this conversation offers a masterclass in commodity markets from one of the industry's most respected voices. Subscribe to Oil Ground Up for conversations with leading experts covering oil markets, geopolitics, energy security, commodities, and the macroeconomic forces driving the global economy. DISCLAIMER: The information presented should not be taken as investment advice. The Clear Commodity Network and its affiliates are not responsible for any loss arising from any investment decision in connection with information presented herein. Please do you own research or speak with a licensed investment professional before making any investment decisions. 00:00 Introduction 00:53 Meet Jeff Currie 03:11 Why Commodities Are Not Anticipatory Assets 08:11 The "Don't Join the Party Early" Rule 13:52 Did Better Data Break Oil Price Discovery? 18:16 The Strait of Hormuz Crisis and Oil's Price Spike 24:50 Why Isn't Oil Responding to Geopolitical Risk? 31:37 How Volatility Pushes Investors Out of Commodities 35:00 Low Inventories, Yet Weak Oil Prices? 41:07 Refining Capacity Is the Real Bottleneck 46:50 Why Diesel and Gasoline Are Telling a Different Story 51:46 Has the Strait of Hormuz Changed Forever? 54:07 Deglobalization and the New Commodity Supercycle 59:07 Batteries, Energy Security & Military Innovation 1:00:06 Final Investment Takeaways 1:01:25 Thanks for Watching #JeffCurrie #Energy #CrudeOil #Geopolitics #Investing #Macro #CommodityInvesting #StraitOfHormuz #EnergySecurity #Inflation #GlobalMarkets #OilGroundUp