John Arnold

So that's the demand for hedging.

And if there's demand, there has to be a supply.

There has to be somebody who's willing to take the other side of that trade.

Somebody has to warehouse that risk.

price the risk and manage the risk.

In aggregate, that's what the traders as a whole have to do.

And then there's also speculators that come in.

The people who are warehousing that risk often have to price that risk.

And so they become experts in the pricing and how to hedge it.

So there's often speculation that happens on top of that, as well as there can be speculators who are not actively market making, but just have a view on natural gas or oil or gold or anything and come in and want to put on a position.

And again, they need liquidity.

And so somebody gets paid to provide that liquidity.

I think it's more on the asset side today, but I think there's an enormous amount of innovation that's happening in energy assets.

So whether that is on new technologies like in batteries or geothermal or advanced nuclear technologies,

I think also all the data center development and the amount of money and capital that's in those fields.

And so the need for innovation, that if you can make things even a little bit more efficient, there's enormous value that's created that a new company or a new individual can take advantage of.

And one of the characteristics of the energy industry is

broadly is that it is enormous.

So if you can have a little edge in a niche of the energy industry, there can be tremendous gains to be had.

Certainly this mad scramble to build data centers and to power those data centers is creating enormous opportunities for new entrants to the market.