Ep. 376: Rory Johnston on $100 Oil, the Refined Product Crisis, and China’s Swing Power

Rory Johnston is a Toronto-based oil market researcher, the founder of Commodity Context, a lecturer at the University of Toronto’s Munk School of Global Affairs and Public Policy, as well as a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines. Prior to founding Commodity Context, Rory led commodity economics research at Scotiabank. In this podcast, we discuss:

1. $100 Brent and Historic Backwardation
2. The Global Refined Product Crisis
3. Hormuz “Shuttle Trade” and War Insurance Costs
4. The Red Sea Chokepoint and Houthi Threat
5. Russian Refinery Attacks and Fuel Export Bans
6. China’s Import Cuts and Hidden SPR Release
7. China’s Potential Winter Refining Bailout
8. US Midterm Dilemmas and Export Ban Risks
9. India’s LPG Crisis and Offshore SPR Deals
10. US Equity in Venezuela and Heavy Crude Spreads
11. Canada’s Westward Pipeline Push 

You can follow Rory on X, LinkedIn, and his Substack.

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