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World's Biggest Physical Oil Trader Warns Of Months Of Price Volatility
By Michael Kern of OilPrice.com
Seasonally lower demand ahead of the peak summer driving season and the continued turbulence in the Middle East could extend the violent oil price swings for months ahead, the top executive of oil trader Gunvor has told the Financial Times.
“It is a little bit of a more challenging, softer period that we need to be careful of,” Gary Pedersen, chairman and CEO of Gunvor Group, told FT in an interview published on Monday.
“Frankly, it could be very choppy,” commented on the oil market Pedersen, who took over the top job at one of the world’s biggest physical oil trading groups after a management buy-out in December 2025.
Before the big shake-up at the group, Gunvor was accused by the U.S. Treasury Department of being a Kremlin puppet and was denied a license to take over the international operations of Russia’s second-largest oil producer Lukoil, which the United States sanctioned last autumn.
The recent violent swings in oil futures prices were partly due to what Gunvor’s new head Pedersen attributed in the FT interview to a “masterclass” in political messaging from U.S. President Donald Trump.
Oil futures prices have sold off sharply several times in recent weeks following various comments from President Trump that a deal with Iran is imminent or the war is “very close to over”.
But oil futures markets haven’t fully priced in the major disruption to physical supply that has crashed with the closure of the Strait of Hormuz and the severely constrained Middle Eastern crude and fuel supply.
Physical crude supplies remain very tight as buyers across the world scramble for replacement of the oil from the Middle East, Gunvor’s Pedersen told FT.
In a sign that buyers are rushing to lock in supply, empty supertankers have left Asia en route to the U.S. via the Cape of Good Hope in one of the biggest queues of vessels ever seen at sea—ships sent to load U.S. crude.
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Canada's Prime Minister Doubles Down On Militant Anti-US Rhetoric
Well before Mark Carney was elected as Canada's Prime Minister in the wake of numerous scandals surrounding Justin Trudeau, critics noted that the candidate represented a far greater threat to Canada's freedom largely because he is far more devious than Trudeau ever was.
Carney is a central banker and high level World Economic Forum globalist well acquainted with the liberal "Reset" agenda, and it is no mistake that he has taken control of Canada at a time when European elites are pushing for an economic and geopolitical separation from the US. The plan is obvious - To isolate the US in an effort to stop the spread of conservative and nationalist movements throughout the west.
In other words, the globalists/leftists are trying to build a new empire in a last-ditched scramble to prevent their liberal order from fading away. Carney pretends as if they are breaking from the old system and starting something new by "calling out" the US. In reality, it was the US that broke from the liberal system and refused to "go along to get along".
It was the US that refused to conform to the multicultural agenda, open borders, ESG and DEI politics, the transgender cult and the indoctrination of children with socialist and LGBT ideology, not to mention the fact that so many foreign nations have been feeding off US taxpayer dollars for decades through institutions like USAID.
Vast numbers of their own citizens are rebelling against liberal governments. Movements to stop the multicultural agenda and mass immigration are gaining momentum. Right-wing political parties are quickly growing, inspired by conservative success against the woke cult in the US.
The liberals are circling the wagons, and it would seem that Canada is meant to play a key role in this "new order". Prime Minister Mark Carney has been escalating his anti-US rhetoric since he entered office while threatening to build closer economic partnerships with hostile foreign entities like the CCP in China.
As we asked after the Liberal Convention in Montreal, are Canadians being primed for an open conflict with the US? The rhetoric coming from the nation's liberal government is sounding increasingly aggressive, and not just in terms of economic separation. In his latest "address to The nation", Carney doubled down on his militant position, citing the history of Canada (including the War of 1812) as an ongoing battle against a "predatory" US.
It's fascinating to see a globalist like Carney try to paint the US defense against European influences as if it this was an act of war against Canada (which did not become a country until 1867). The war of 1812 was instigated by the British Empire after their Royal Navy interfered with US trade, stopping American merchant vessels on the high seas and kidnapping men they claimed were British subjects. They then forced these American citizens to fight in their war against the French.
Estimates of kidnapped Americans range from 9,000–15,000 between 1793 and 1812. The 1807 Chesapeake-Leopard affair, where a British warship fired on a U.S. Navy frigate and seized sailors, nearly sparked war at the time and became a major flashpoint. Finally, the British engaged in arming and instigating an insurgency among the native Indians in the Great Lakes region in order to terrorize US settlements.
Canada was a controlled region of the elitist empire back then, just as it is today.
There is no US invasion of Canada today, but Carney is painting a narrative as if this is an imminent threat. US tariffs have shaken Canada to its core. Over 75% of the country's exports are sold in US markets. Their trade proximity made Canada one of the wealthiest nations in the world per capita and gave them one of the richest middle class populations in 2014-2015. However, extreme-left wing policies have ruined Canada's economic advantage.
This was not the Trump Administration's doing, it was their own doing. Trump's opposition to Canada is partly economic (Trump wants more trade parity), but it is also predominantly ideological. They are, essentially, a woke/globalist enclave looming on the US border and it is clear that they intend to act as a foothold for the elites in North America.
Carney's rhetoric only reinforces the suspicion that there is an agenda afoot to isolate the US. The problem is that Canada is already suffering from an unprecedented economic crisis, with inflation, high taxes and housing shortages crushing their middle class. The threat is so great that provinces like Alberta are seriously considering secession. Furthermore, there is no trade network on Earth that can possibly replace the highly lucrative arrangement Canada has had with the US.
The Prime Minister's efforts to stoke "national unity" among Canadians by painting the US as the "big bad wolf" is actually setting them up for disaster.
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USDA, US Army Break Ground On Texas Facility To Combat Flesh-Eating Parasite Spread
Authored by Naveen Athrappully via The Epoch Times (emphasis ours),
U.S. officials broke ground for a New World Screwworm (NWS) sterile fly production facility in Texas to combat the flesh-eating parasites, which have spread across Mexico and pose a significant threat to America’s livestock, wildlife, and public health.
Located in Moore Air Base, Edinburg, the facility “is being built with an aggressive timeline designed to quickly expand the nation’s sterile fly production capacity,” the U.S. Department of Agriculture (USDA) said in an April 17 statement.
Initial operations are set to start from November 2027, hitting production of 100 million sterile flies per week. “Construction continues immediately beyond initial operations to scale full production capacity to 300 million sterile flies per week,” the department added.
NWS female flies lay eggs on orifices or wounds of warm-blooded animals, which later hatch into larvae. The larva burrows deep into wounds, feeding on the host’s flesh.
The wound grows larger as more eggs are hatched and more larvae feed into the flesh, with the animal eventually dying. A single female fly can lay up to 3,000 eggs in its lifetime. Large swarms of the parasites coming in from Mexico pose a significant threat to America’s livestock industry.
Currently, the closest active cases to the U.S.-Mexico border have been reported in the Mexican state of Nuevo Leon, located less than 70 miles from the border.
Swarms of NWS flies can be countered by releasing sterile male flies into the group. When male flies mate with females, they end up laying unfertilized eggs. Over time, the swarm diminishes, warding off the threat.
In its recent statement, USDA said it already produces sterile flies at a facility in Panama that outputs 100 million insects per week. Moreover, the agency has invested $21 million into a Mexican facility, which is set to become operational this summer.
The Moore Air Base facility, with its maximum output of 300 million sterile flies per week, boosts America’s efforts to counter the NWS threat.
A worker handles a tray with Mediterranean fruit flies inside a bio-factory as Mexico's government reconditions a plant to become the new sterile screwworm fly facility, part of the country's effort to eradicate the flesh-eating parasite, in Metapa de Dominguez, Mexico, on Oct. 17, 2025. Daniel Becerril/ReutersThe groundbreaking ceremony was led by Secretary of Agriculture Brooke L. Rollins, and commanding general of the U.S. Army Corps of Engineers (USACE) Lieutenant General William H. “Butch” Graham. USDA and USACE have cut red tape, secured expedited procurement, and eliminated other barriers to get the facility built.
“Breaking ground on this facility marks a major investment in safeguarding America’s livestock and the producers who feed this nation. This puts NWS sterile fly production in American hands, so we do not have to rely on other countries for the best offensive measure to push screwworm away from our borders,” Rollins said.
“The New World Screwworm threatens the health of our herds, the stability of rural economies, and the resilience of our supply chain. President Trump and his entire cabinet is committed to leveraging every resource necessary to contain this pest, protect American agriculture, and ensure the long-term security of our food supply chain.”
As of April 2, the United States has imposed restrictions on the import of live animals—cattle, horses, and bison—from Mexico due to NWS parasites.
In addition to animals, NWS is also known to infect humans in rare cases.
According to an April 14 report from the Centers for Disease Control and Prevention, multiple such cases have been reported from outside the United States.
“In 2023, Panama and Costa Rica identified an outbreak of NWS. Since that time, all countries in Central America and Mexico, where NWS was previously controlled, have identified cases in animals and people,” CDC said.
“As of April 14, 2026, these countries have reported nearly 168,000 NWS cases in animals and more than 1,700 cases in people.”
As for the United States, one confirmed NWS infection was found in a person who returned to the country from El Salvador.
New World Screwworm infection in humans is generally non-fatal if discovered early and treated.
However, if not caught early and treated, infestations can lead to extensive tissue damage and long-lasting severe pain in the case of nerve damage. Moreover, if the larvae burrow into vital organs, it can result in complications.
Symptoms in humans include pain, wound bleeding, foul-smelling odor around the infected site, and lack of natural healing, with the individual prone to sense the movement of larvae in the wounded area.
The CDC clarified that NWS flies have not been detected in the United States and that there is “no immediate risk of infestation to people.”
Tyler Durden Mon, 04/20/2026 - 20:55