The HC Commodities Podcast The Rivers of Money with Colin Bryce
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Aug 26, 2025 Colin Bryce, a founding partner at Energex Partners and co-author of 'The Rivers of Money,' dives into the captivating world of oil trading. He discusses why London emerged as the hub for this industry, contrasting it with Wall Street's structured chaos. The evolution of commodities trading, the significant role of Saudi Arabia, and the hidden giants of Swiss trading firms are unveiled. Bryce also shares intriguing tales from Russia's early oil market, blending rich history with the personal narratives that shaped this dynamic sector.
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How Modern Oil Markets Began
- The demise of oil majors' hegemony and OPEC's rise created freely tradable oil that birthed modern markets in the 1970s.
- Small ex-major firms and Rotterdam product trading laid the foundation for international oil trading hubs.
Iranian Revolution Triggered Spot Markets
- The 1979 Iranian revolution triggered a spot-market shift as producers withheld term supplies for higher spot prices.
- Buyers moved from term contracts to diversified spot purchases, founding the modern spot market.
North Sea Surplus Made London Central
- UK tax policy and BNOC's structure created a North Sea surplus which became the first large tradable oil pool.
- That surplus and London legal/financial strengths helped establish London as a trading epicenter.
