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Nov 12 2026

CABE Webinar: A Most Unbalanced Oil Market

The global oil market finds itself at arguably the most unbalanced state in its modern history. Caught between an ongoing record-sized Hormuz Crisis-driven deficit and a massive expected future supply glut,  the industry must work to manage unprecedented risks all the while needing to work around an ever-starker shortfall of refining capacity, which had boosted the price of diesel to all-time highs.
All the while attacks have re-escalated in the Middle East and previously ample stockpiles and buffers have been largely depleted. Record freight (i.e., tanker) rates have exploded the cost of transportation, balkanized the previously “global” oil market, the, of particular and crucial importance to Canada, driven a blowout of the discount borne by barrels of Western Canadian Select heavy crude to their widest level since 2023, but now with no apparent shortages of pipeline capacity.
HF-Rory-Johnson.jpeg Rory Johnston Oil market researcher, Founder of Commodity Context, a lecturer at the University of Toronto’s Munk School of Global Affairs and Public Policy

Rory Johnston is perhaps Canada’s best-known North American oil market researcher. Rory founded Commodity Context after leading commodity economics research for Scotiabank and advising the bank executives and the bank’s senior credit committee for commodity-exposed sectors. He is a lecturer at the University of Toronto’s Munk School of Global Affairs and Public Policy and host of the Oil Ground Up podcast. Rory is also a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines.

He is regularly quoted in major international media including the Financial Times, New York Times, Wall Street Journal, Bloomberg News, Reuters, BNN Bloomberg, CNBC Squawkbox Asia, CBC, Financial Post. He also appears on numerous market and industry podcasts like Bloomberg’s Odd Lots, and Hidden Forces. You can read some of his published work at the Harvard Business Review, MacDonald Laurier Institute, and The New Statesman.

Event Details

Virtual (Microsoft Teams)
Nov 12, 2026 12:00 pm - 1:15 pm EST

Event Registration

Public Attendee List

  • Lana Asaff
  • Rosalynd Mitchell
  • Livia Sala Fresneda
  • Paul Jacobson
  • Shenjie Chen
  • Marco Provenzano
  • Jiangnan Ji
  • Kiefer Van Mulligen
  • Yunhan Liu
  • Aidan Smith-Edgell
  • Angela Chen
  • Davis Dolan
  • Andrew Trachsell
  • Valerie Picketts
  • Bradley Krause
  • Janice Stokes
  • Alan Arcand
  • James Piers