David Ernsberger on crude oil benchmarks

Most traders and energy professionals are unprepared for the seismic shifts caused by the closure of the Strait of Hormuz — a crisis that could permanently alter the oil market landscape. In this episode, Dave Ernstberger, President of S&P Global Energy, reveals why this crisis is unlike any we've faced in 50 years, and how resilience, geopolitics, and market design will determine our future. You'll discover the intricate ways this unprecedented disruption is challenging existing market models — and why the usual playbook no longer applies. Dave breaks down the key factors explaining why markets feel surprisingly calm despite the chaos, from the resilience of energy supply chains to the divergence between futures and physical prices. He shares insights into how the collapse of the Strait could impact global oil and LNG supplies, and what it means for traders, policymakers, and everyday consumers. This episode explores fascinating topics including the evolution of benchmarks like Brent and Dubai, the role of regulation and custodianship in keeping markets transparent, and the critical importance of developing new benchmarks for water, critical minerals, and renewables. Dave also offers a behind-the-scenes look into the decision-making processes that shape major market indices, and why broader collaboration and innovation are essential to managing future crises. Perfect for energy traders, risk managers, policymakers, and anyone who needs to understand the future of global energy markets — this episode provides a rare glimpse into the complexity, resilience, and potential of the energy ecosystem. Don't miss the insights that could redefine your view of oil, gas, and how we navigate the unpredictable tomorrow.