Callum Macpherson

Head of commodities

I joined Investec to establish a commodity hedging capability to help our clients manage their commodity exposures.

 

Before starting here, I held similar roles at Nomura and Lehman Brothers and have worked in the financial services industry since 1999. I graduated from the University of Cambridge with an MA in Computer Science.

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It all starts with a conversation

Callum Macpherson

Commodities

Our people are our difference. Give me a call or complete our callback form to find out what we can do for you today.

 
 

Oil market podcast archive - 2020

  • January

    6 January oil market update

    We take a look at the implications for the oil market after the events surrounding Iran and what it might mean for the future. 

    13 January oil market update

    Today's podcast focuses on the 2020 oil hedging considerations piece, which you can download below.

    27 January oil market update

    We analyse the impact of the coronavirus on the oil market.

  • February

    2 February oil market update

    We take a look at the further sell-off inBrent this week as lows reach 56 $/barrell.

    10 February oil market update

    There are fresh lows in Brent under 54 $/barrell last week as the coronavirus continues to spread. 

    17 February oil market update

    Brent set a new low last week, but then managed to recover sharply. We analyse this and other movements in the oil market this week.

    24 February oil market update

    It's International Petroleum Week in London this week. We review this and other factors impacting the oil market.

  • March

    2 March oil market update

    Oil markets suffered heavy falls as signed increased of the coronavirus spreading outside of China.

    30 March oil market update

    We take a look at the latest oil movements as the continued virus outbreak puts more pressure on the oil markets. 

  • April

    6 April oil market update

    Last Thursday President Trump sparked some activity in the oil markets and Brent even went over 50% at one point, we take a look at all of this in the latest oil market update. 

    14 April oil market update

    Over the weekend OPEC+ reached an historic deal with the US and others and agreed to a dramatic cut in production and yet the market has hardly moved. We review this and other market movements.

    20 April oil market update

    Last week we were talking about the possibility of the market moving lower and that is certainly what happened. Brent traded under 27 $/b earlier this morning. 

    27 April oil market update

    There was a dramatic and historic downturn last week as May WTI went as low as -40 $/barrell. We discuss this and whether it's a one-off or a sign of things to come. 

  • May

    4 May oil market update

    We take a look at whether the crisis for oil has surpassed as the market becomes more positive. 

    11 May oil market update

    Last week, the oil market was relatively stable and Brent hovered around 30 $/b - we analyse this and more in this week's podcast.

    18 May oil market update

    Last week oil, again, traded in quite tight range around 30$/b. But at the end of the week the market moved higher - we analyse this and more in this week's podcast.

    26 May oil market update

    The bank holiday caused a minor rally in oil prices yesterday, perhaps due to what Exective Director of the International Energy Agency, Fatih Birol, said regarding peak oil demand. We discuss this and more in this week's podcast. 

  • June

    1 June oil market update

    There has been a strong start for Brent this week, we take a look at the latest increase and more in this week's oil market update. 

    8 June oil market update

    Brent broke 43 $/Barrell this morning after OPEC agreed to extend its cuts. We take a look at the changes outlined. 

    15 June oil market update

    This week we take a look at the downturn for Brent and where it may go from here. 

    22 June oil market update

    Brent rallied back up towards the highs of the month at the end of last week around 43 $/b, we discuss this and morein this week's podcast. 

    29 June oil market update

    In this week's podcast, we discuss whether the fears of a second coronavirus outbreak are behind the softening in Brent. 

  • July

    06 July oil market update

    Brent is back up to the top of the range at over 43 $/barrell, we discuss this and the large fall in US inventories as well. 

    13 July oil market update

    The market has been very range bound again over the last week, Callum delves into this, the IEA's monthly report and the possibility of OPEC+ extending cuts again. 

    20 July oil market update

    There has been, again, very little movement in markets this week. However, we take a look at the sharp fall in US inventories and where the market might go from here.

    27 July oil market update

    Brent did trade a little higher last week, but still did not break $45 per barrell. We take a look at this and other things to look out for this week. 

     

  • August

    03 August oil market update

    We finally saw some movement in Brent last week as it traded under 41.50 on Thursday, we take a look at what might be behind this recent move. 

     

    10 August oil market update

    Brent traded over 46 dollars per barrel last week, which is actually the highest since early March. We analyse this and what the recent Covid data can tell us about demand outlook. 

     

    17 August oil market update

    In this week's podcast we respond the International Energy Agency's July report. 

     

    24 August oil market update

    The oil market was softer at the end of last week with Brent touching a low of 43.50 $/b, but still relatively range bound.

     

2019

  • January

    21 January oil market update

    In this episode we take a look ahead to 2019 and the commodities team's recent hedging considerations 2019 report.

    28 January oil market update

    This week's episode focuses on the impact of the political movements in Venezuela on the oil market.
  • February

    25 February oil market update

    This week's episode centres on more news coming from Venezuela, easing trade tensions between the US and China, and a look ahead towards petroleum week.
  • March

    4 March oil market update

    In this episode, we take a look at some month end data from Bloomberg and the key learnings from International Petroleum week hosted in London last week.

    11 March oil market update

    In a slightly quieter week for the oil market, we take a look at the restart in oil production in Libya and the possibility of a breakout for Brent.

    18 March oil market update

    We give our reaction to Brent reaching a new high of the year and what impact, if any, the recent IEA report had on the markets.

    25 March oil market update

    In this week's podcast we take a look at the movements in Brent recorded last week and where it might be heading in the future.
  • April

    2 April oil market update

    Brent reached an new high of the year at 69.5 $ per barrel recently, we take a look at this, the trade discussions between China and US, and whether Brent can hit the 70 $ per barrel mark.

    8 April oil market update

    Historically, Libyan oil production has suffered from political instability, and over the weekend there have been reports of fighting near Tripoli as forces loyal to General Haftar advanced on the city. Callum analyses this and the overall disruption in Libya's oil production.

    15 April oil market update

    In this week's episode we shift our focus slightly from oil to gas and discuss the similarities between the gas market and the oil market.

    29 April oil market update

    Brent rallied to a new high of the year last week to over 75$/b, but was back below 72 by the end of the week. We take a look at what was driving this.
  • May

    7 May oil market update

    This week we discuss the surprise twist in the US/China trade talks, the US sending an aircraft carrier to the Middle East, and whether increases in US crude inventories suggest the market is over-supplied.

    13 May oil market update

    In this episode we are joined by head of upstream oil and gas advisory, Jonathan Wolf, to talk about developments in US production and the outlook for US shale.

    20 May oil market update

    This week, we will be looking at the International Energy Agency's latest report on the state of supply and demand in the oil market, the drone attacks on Saudi oil infrastructure and what this might mean for oil markets and the technical outlook on Brent.
  • June

    3 June oil market update

    Following the fall in oil prices in the recent days - we take a look at the drivers behind this and what it might mean for the OPEC meeting later this month.

    10 June oil market update

    Oil fell further last week, so we take a look at whether we have seen the low for now and consider the outlook for US summer demand.

    17 June oil market update

    We take a look at the reported attacks on tankers in the gulf and a relatively negative report from the IEA in this week's podcast.

    24 June oil market update

    With Brent rallying very sharply last week and US/China trade talks possibly restarting, we take a look at a potentially positive week for oil.
  • July

    1 July oil market update

    With a busy weekend with the G20 summit in Osaka taking place, we take a look at this and other news impacting the oil market.

    8 July oil market update

    We take a look at what has been impacting oil prices this week including movements at the latest OPEC meeting and what impact the incident involving the British seized Iranian oil tanker.

    15 July oil market update

    It was quite a mixed week last week with the market moving significantly higher due to tensions in the gulf and a fall in US inventories. We review this and the news coming from the International Energy Agency.

    29 July oil market update

    There hasn’t been much movement in oil prices over the last week, but we did see a large draw in US inventories. We explore that, the IHS report on shale investor pressure and upcoming events which could affect Brent’s recent stability.
  • August

    5 August oil market update

    There were some sharp movements lower in the oil markets at the end of last week. We analyse this and how it may impact outlook.

    12 August oil market update

    It was another week of very sharp movement lower last week, we take a look at the drivers behind that and what to look out for in the week ahead.

    19 August oil market update

    The high of 61.50 $/barrel did not last long last week as it decreased down to 57.67. We take a look at why it has been so choppy.
  • September

    2 September oil market update

    Now that we are in September, we review the turbulent month of August, which saw oil trade between 56 $/b and over 60 $/b.

    9 September oil market update

    The market ended quite strongly last week with Brent over 62 $/barrell, in this week's podcast we're going to be focusing on the change in oil minister in Saudia Arabia.

    16 September oil market update

    It has been a busy week in the energy markets, however all of it paled into insignificance compared with the drone attack on Saudi Arabia over the weekend.

    25 September oil market update

    A week since the attack on Saudi Arabia, the market seems to have calmed down considerably. We talk about what’s behind the scenes of this quickly faded disruption, the blame of Iran, and where Brent’s prices might go from here.

    30 September oil market update

    As the oil market continued to soften last week, we look more closely at the recovery in Saudi production since the attack, how the market has got itself comfortable with falling back to pre-attack levels and what the focus will be now.
  • October

    7 October oil market update

    With Brent trading at under $57 per barrel last week, we look more closely at why the market has become so negative, and whether there is scope for it to go much lower.

    14 October oil market update

    It's been an eventful week in the oil markets, Callum Macpherson sums up last week's events, including the attack on an Iranian tanker and reports coming from the Oxford Institute of Energy Studies and the IEA.

  • November

    4 November oil market update

    This week we focus on the slight dip in Brent last week and other news surrounding the oil markets including the UK Government's ban on fracking and the Aramco IPO. 

    11 November oil market update

    Brent hovered around 62 $/barrel last week, in what was a relatively range bound week. We take a look at the key events impacting the market. 

    18 November oil market update

    This week we look ahead to the OPEC meeting which is just over two weeks away.

    25 November oil market update

    Although it has been a quieter week, we take a look at the wider trading ranges seen in recent times as well as looking ahead to OPEC meeting next Thursday. 

  • December

    2 December oil market update

    This week we anaylse the dramatic move lower in oil markets along with the potential decisions that could be taken by OPEC when they convene on Thursday. 

    9 December oil market update

    On this week's podcast, Callum reports on last Thursday's OPEC meeting, including a significant cut announcement. 

2018 podcasts

  • December

    10 Dec oil market update

    Today, we discuss the latest OPEC meeting and the headline message that OPEC will be cutting production by 1.2mn barrels a day.

    3 Dec oil market update

    With oil prices recording a sharp recovery today there is a lot of noise coming from the oil market today. We also look forward to the OPEC meeting this Thursday.
  • November

    26 Nov oil market update

    The price of Brent plunged to less than $60 per barrel this week, we take a look at the possible reasons behind this and whether this is in fact the lowest we'll see.

    19 Nov oil market update

    Today we’ll talk through the very heavy sell-off in oil prices last week, we will consider whether the shift in sentiment is justified by fundamentals and if it could lead to OPEC cutting production.

    12 Nov oil market update

    Today we discuss the recent OPEC meeting in Abu Dhabi, last week's sell-off, the shape of the forward curve and what to look out for in the weeks ahead.

    5 Nov oil market update

    Today we talk about US sanctions which are now in force, what caused the move lower last week and the upcoming OPEC meeting.
  • October

    29 Oct oil market update

    We'll be talking about the drivers behind the heavy sell off in markets last week and touching upon the attempt by the US to delay the implementation of the Sulphur Cap in 2020.

    22 Oct oil market update

    This week we focus on Jamal Khashoggi and the possible impact this will have on oil prices.

    15 Oct Oil market update

    Brent finally falls among a number of key events in the week including the latest report from the International Energy Agency and the disappearance of the Saudi journalist, Jamal Khashoggi.

    8 Oct Oil market update

    Brent breaks through $85 per barrel, where will the market go next? We also hear from special guest Chris Brand to talk about currency.

    1 Oct Oil market update

    Today focuses on the 4 year high in Brent and what the investors have been doing in light of this.
  • September

    24 Sep Oil market update

    Oil prices go above $80 a barrel and are beginning to increase further, we discuss the possible reasons behind this.

    17 Sep Oil market update

    This week we take a look at the possible implications of Hurricane Florence on the price of oil.

    11 Sep Oil market update

    After last week's low for Brent, we take a look at why it is starting to show strength once again.

    4 September: Oil market update

    In our first of a weekly podcast, we take a look at why the price of oil has spiked since last month.

It all starts with a conversation

Callum Macpherson

Commodities

Our people are our difference. Give me a call or complete our callback form to find out what we can do for you today.