Bloomberg News

Goldman Energy Research Head Greely Leaves for Bridgewater

December 12, 2012

David Greely, Goldman Sachs Group Inc. (GS:US)’s head of energy research, is joining Bridgewater Associates LP, according a spokeswoman for Bridgewater.

Greely is joining the Westport, Connecticut-based employee- owned hedge fund sponsor as a portfolio manager, said the spokeswoman, who did not want to be identified.

Leslie Shribman, a New York-based spokeswoman for Goldman Sachs, declined to comment.

Greely is known in part for forecasting Feb. 23 that West Texas Intermediate’s discount to Brent oil would narrow to $5 within six months because the reversal of the Seaway pipeline by Enterprise Products Partners LP and Enbridge Inc. (ENB) would ease a bottleneck of oil in the center of the U.S. that had depressed prices of WTI.

Seaway began moving oil May 19 to Texas refiners from Cushing, Oklahoma. The spread shrank to $11.03 in June from $15.79 on Feb. 23 before widening again. It was $22.73 a barrel based on today’s settlement prices.

Greely’s prediction countered those of analysts at Citigroup Inc. and Barclays Plc who said surging U.S. production and limited pipeline space would keep Cushing supplies high and the WTI-Brent spread wide.

WTI traded at an average 32-cent premium to Brent between 2005 and 2010.

To contact the reporter on this story: Aaron Clark in New York at aclark27@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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