Ex-Goldman Oil Derivatives Trader Simran Singh (@0xturbanurban) on the day oil went to -$37.63, why every trading strategy is momentum or mean reversion, & losing $3.12M in a single day. Simran Singh (Goldman Sachs oil derivatives trader, on the desk when WTI went negative | GSR Head of DeFi Trading | Now CEO & co-founder of @MonacoTrading) "You can't touch an interest rate curve, but you can smell a barrel of oil." We cover: - Pricing oil options at 300-400% vol the day WTI went negative - How Goldman's oil desk monetizes client flow (80-85% was producers hedging) - How producer hedges turned a market-risk problem into a credit problem in 2020 - Why market making is really a bet on mean reversion - The perp funding trade: anyone can do it, very few can do it in size (15% carry even on the CME) - "My size your price, or your size my price" - Who's printing money right now: OTC hedging in power, compute & AI - Why there's no venue to trade electricity, and how Monaco wants to fix that Highlights: 00:00 Intro 00:58 The day oil went negative: April 2020 06:07 How Goldman oil traders monetize client flow 18:30 Every strategy is momentum or mean reversion 22:53 Goldman to GSR 28:26 The perp funding trade 34:48 Sell-side to buy-side 42:27 The AI complex & agentic trading 48:21 The Monaco Exchange thesis 53:13 Decentralizing futures listings