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

Page: https://stenobird.com/podcast/macro-hive-conversations-with-bilal-hafeez-524900/ep-376-rory-johnston-on-100-oil-the-refined-product-crisis-and-china-s-swing-power
Text version: https://stenobird.com/podcast/macro-hive-conversations-with-bilal-hafeez-524900/ep-376-rory-johnston-on-100-oil-the-refined-product-crisis-and-china-s-swing-power.md
Podcast: [Macro Hive Conversations With Bilal Hafeez](https://stenobird.com/podcast/macro-hive-conversations-with-bilal-hafeez-524900)
Published: 2026-09-18T07:00:00+00:00
Episode link: https://macrohive.libsyn.com/ep-376-rory-johnston-on-100-oil-the-refined-product-crisis-and-chinas-swing-power
Audio file: https://traffic.libsyn.com/secure/macrohive/MH_w_JOHNSTON3.mp3?dest-id=1929056
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JSON: https://stenobird.com/v1/public/podcasts/macro-hive-conversations-with-bilal-hafeez-524900/episodes/ep-376-rory-johnston-on-100-oil-the-refined-product-crisis-and-china-s-swing-power
Duration seconds: 3440

## Resource

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: $100 Brent and Historic Backwardation The Global Refined Product Crisis Hormuz "Shuttle Trade" and War Insurance Costs The Red Sea Chokepoint and Houthi Threat Russian Refinery Attacks and Fuel Export Bans China's Import Cuts and Hidden SPR Release China's Potential Winter Refining Bailout US Midterm Dilemmas and Export Ban Risks India's LPG Crisis and Offshore SPR Deals US Equity in Venezuela and Heavy Crude Spreads Canada's Westward Pipeline Push

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## Transcript

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