Oil Volatility & The Crack Spread | ft. Rory Johnston | Global Macro 37 скачать в хорошем качестве

Oil Volatility & The Crack Spread | ft. Rory Johnston | Global Macro 37

Today we are joined by Rory Johnston, founder of Commodity Context, a physical commodities research firm based in Toronto, Canada. We cover the SPR (Strategic Petroleum Reserve) that has been actively deployed by the Biden administration over the past year, its implementation and potential impact on related economies. To what extent can the SPR influence spot and futures prices, and what are the knock on effects on refined products? What is the interaction between the SPR, commercial inventories and prices? Rory also discusses the analogy between SPR sales and Fed policy, as it influences the yield curve. We also discuss the relationship between oil volatility and the crack spread, and how volatility is generally damaging but can boost profits in proprietary oil trading books. Finally, Rory challenges the assertion that speculators are the "smart money" in energy, and how positioning can act as a counter trend indicator. #toptraders #investing #trendfollowing #globalmacro === Episode Timestamps 03:19 - SPR - What and why? 06:27 - Why crude and not refined products? 09:34 - How is the SPR used? 13:54 - Trading oil 19:54 - The goal of the SPR market 23:04 - How inventory drives oil price 28:29 - The effect of inventory restocking 29:43 - Theory vs. practice 33:28 - The mega energy companies 36:00 - Distortion in oil markets 41:20 - Can volatility be profitable? 47:35 - No specs = steeper or flatter? 50:11 - Advice on using the data 52:37 - Understanding signals in the oil market 59:17 - Dollar Wrecking Barrell 01:01:44 - Oil vs. gold and gas 01:09:07 - What makes money in high vol regimes? === You can check out the all of the notes and full transcript of this episode right here: https://www.toptradersunplugged.com/gm37 === Subscribe to our podcast: iTunes: https://itunes.apple.com/us/podcast/t... Spotify: https://open.spotify.com/show/2OnOvLb... Follow us on social media: TWITTER:   / toptraderslive   (@TopTradersLive) FACEBOOK:   / toptradersunplugged   INSTAGRAM:   / toptradersunplugged   SOUNDCLOUD:   / toptradersunplugged-com