{"podcast":{"title":"Oil Ground Up","slug":"oil-ground-up-5975771","podcast_index_feed_id":5975771,"rss_url":"https://anchor.fm/s/be62e120/podcast/rss","website_url":"https://podcasters.spotify.com/pod/show/oilgroundup","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/31841512/31841512-1746537330246-c45bbde1ca5b5.jpg","author":"Oil Ground Up","episode_count":62,"summary":"Rory Johnston navigates listeners through the financial market dynamics of the world's oil and gas sector. Get the latest fundamentals behind the price action and hear from industry experts from the field and from the corporate offices of the world's leading energy producers.","last_synced_at":null,"page_url":"https://stenobird.com/podcast/oil-ground-up-5975771"},"episode":{"title":"SuperSpiked: Arjun Murti on Why \"Super Volatility\" Replaced the Super Cycle","slug":"superspiked-arjun-murti-on-why-super-volatility-replaced-the-super-cycle","published_at":"2025-10-24T17:53:38+00:00","page_url":"https://stenobird.com/podcast/oil-ground-up-5975771/superspiked-arjun-murti-on-why-super-volatility-replaced-the-super-cycle","show_page_url":"https://stenobird.com/podcast/oil-ground-up-5975771","url":"https://podcasters.spotify.com/pod/show/oilgroundup/episodes/SuperSpiked-Arjun-Murti-on-Why-Super-Volatility-Replaced-the-Super-Cycle-e3a0gjf","audio_url":"https://anchor.fm/s/be62e120/podcast/play/110166063/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2025-9-24%2F23050891-c4fe-4e2b-e705-8553e6e7b0f1.mp3","summary":"Rory Johnston welcomes Arjun Murti, a partner at Veriten and former Goldman Sachs equity research analyst with 33 years of experience covering the full energy value chain. Murti discusses his Substack, SuperSpiked, explaining that the branding harkens back to the 2004 call for a super cycle, though the current framework emphasizes multi-year "super volatility" rather than a new permanent price state. The experts dive into the core short-term commodity debate, analyzing the divergence in demand forecasts between the "big three" agencies and critiquing the inconsistency between high oversupply forecasts and only short-term low price predictions. Murti firmly pushes back on the peak oil demand narrative, arguing that continued growth is illogical to deny given the massive unmet energy needs of billions globally. They explore how companies, particularly US-based EMPs, should lean into current market pessimism by prioritizing "fortress balance sheets," proactively managing costs, and protecting their returns on capital. This insightful conversation offers a differentiated, optimistic view of the sector, framing the present environment as a time for strategic risk-taking rather than capital destruction, supported by long-term belief in economic and energy growth","meta_description":"Rory Johnston welcomes Arjun Murti, a partner at Veriten and former Goldman Sachs equity research analyst with 33 years of experience covering the full en…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3935,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/oil-ground-up-5975771/episodes/superspiked-arjun-murti-on-why-super-volatility-replaced-the-super-cycle/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/oil-ground-up-5975771/superspiked-arjun-murti-on-why-super-volatility-replaced-the-super-cycle.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}