Callum Andrew Bruce
Vice President @Goldman Sachs
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WORK HISTORY
Vice President @Goldman Sachs
New York, NY, US
Part of the Macro Commodities research team within the Global Investment Research division.Oil balances- Built numerous detailed global balances for global oil across different generations of teams and market events- Supply modelling, forecasting, and nowcasting- Demand modelling, forecasting, nowcasting- Conceptualised toy models for inventory and price modelling from market events, disruptions, macro demand hits, weather events, with endogenised feedback mechanisms- Notable period and events covered: OPEC cuts and price wars, Hurricanes, Iran sanctions, Druzbha pipeline outage, Abqaiq attacks, IMO 2020, Covid-19 Pandemic, 2021-23 Energy Crisis, SPR releases, Russia-Ukraine war, Red Sea disruptions, potential Trump oil-specific and broader trade tariffs, Crude oil- Timespread modelling: Made several lasting enhancements to traditional Brent timespread pricing framework (prompt and deferred)- Back-end modelling: Created conceptual frameworks for long-dated oil prices that were useful in quantifying impacts- Differentials: Invented crude differentials frameworks; created some regional balances- Volatility: Invented Brent crude oil implied volatility frameworkRefined products- Invented refined product modelling for: diesel, jet fuel, gasoline, naphtha, very low sulphur fuel oil, high sulphur fuel oil for all four main trading regions (NY Harbour, NW Europe, US Gulf Coast, Singapore).NGLs- Invented NGL price modelling framework for ethane, propane, butane, isobutane, naphtha/natural gasoline, polyethylene, ethylene for three major regions (US Gulf Coast, NW Europe, Asia)Freight- Created global oil tanker pricing models for clean and dirty tanker markets.Commercial impact- Written hundreds of research reports for our broad stakeholders- Energetic presenter to large audiences- Highly commercial: focused on trade ideas, hedging recommendations, trade implementation- 50+ trade recommendations with hit rate >85%(available on request).
EDUCATION
The London School of Economics and Political Science (LSE)
Bachelor's Degree, Economics
University of Oxford
Master's Degree, Economics
Tiffin School
A-Levels and GCSEs
SKILLS
ABOUT CALLUM ANDREW BRUCE
I am a passionate, ambitious, creative, and curious individual with a career so far focused on commodities, particularly oil.I apply my experience in economics by creating conceptual frameworks for commodity pricing. I use these insights alongside econometric techniques to produce forecasts with a particular focus on trading and hedging recommendations and implementation.
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