This podcast episode explores the evolution of the Brent market and the significant financialization of oil trading. It discusses the impact of increased complexity, electronic trading, the global financial crisis, and the listing of swaps as futures contracts on the Brent market. The episode also examines the influence of financialization on physical oil trading, the changing landscape of trading teams, the complexities of the modern oil market, and the role of OPEC and macro funds in oil prices. It highlights the growing influence of retail traders, the importance of fund flows, and the relationship between financialization and market stability in the energy industry. The episode concludes by discussing the potential for increased volatility in the energy sector due to the energy transition and digitization, and the changes in the talent landscape of the oil and gas industry.