Freakonomics Radio The Most Powerful People You’ve Never Heard Of (Update)
249 snips
Mar 4, 2026 
Javier Blas, commodities columnist who studies energy and trade, and Jack Farchy, Bloomberg energy reporter with on-the-ground commodities coverage, explore the shadowy world of physical traders. They discuss how traders act as bankers, diplomats, and fixers. They trace industry origins, wartime barters, sanctions evasion, and why traders profit amid chaos.
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Physical Traders Move Real Stuff Not Just Prices
- Physical commodity traders buy and move actual barrels, tons, and shipments rather than just betting on prices.
- They hedge price exposure via futures and focus on financing, logistics, blending grades, and basis arbitrage across locations and forms.
How Javier Blas Became Hooked On Oil Trading
- Javier Blas's first day with a trader he didn't understand ended with him on the headset buying 2 million barrels of Iranian oil by phone without a signed contract.
- That moment hooked him and launched his career as an oil reporter.
How Mark Rich Saved Jamaica Overnight
- Mark Rich rescued Jamaica from an imminent oil shortage by diverting a Venezuelan tanker at two a.m., averting possible riots.
- That emergency favor built long-term ties allowing Rich to buy Jamaican alumina below market and profit massively.
