Gavin Jackson

speaker

1,127 appearances 18 recordings 4 series first heard May 2026 last heard 26 Jun

Gavin Jackson’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 18 in all, peaking in Jun 2026 with 10.

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The Loonie Hour · Are Canadian Tax Payers Bailing Out Developers? · 26 Jun 2026 podcast

Because that sounds like double talk.

So again, if you were in college or graduate school and you take a course on commodities, you would be told that the size of a paper market for a commodity, daily trading volume, three to five times world demand.

So if the world used 10 million pounds of bacon a day and there's pork belly futures trading, you would say it's going to trade 30 to 50 million pounds per day.

That would be the multiple.

In the case of oil, and I just updated this analysis a couple of days ago, just looking at the six main future contracts on the NYMEX and on the ICE, daily trading volume is like 3.9 billion barrels a day.

global oil demand is 0.105 billion barrels a day.

If you start adding in options on futures, the other 23 or 24 contracts that trade oil at different exchanges, the over the counter market for oil, the unregulated trading, it's like 6 billion barrels a day.

So 60 times bigger than the physical market.

And the reason it matters

again, for people who are watching this and not familiar, is you are told, and it is always emphasized, that the price discovery mechanism for any commodity, oil, sugar, it doesn't matter, is the physical market.

That's where we learn what real prices are, and that's no longer true.

What is true is that the price discovery mechanism is the paper market.

I could ask you, hey, do you know what the price of isthmus crude is, you know, Mexican isthmus, and you're like, I don't know.

But I say, what's WTI or Brent?

And you can look on your watch or look on your computer screen, and everybody knows.

And so when you get strong financial demand for oil or weak financial demand for oil, you can get crazy price distortions.

So what's going on right now?

OK, that's in the scheme of things a pretty big distortion.

2011 was one of the biggest.

We have seen deviations before.

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