Apr 29, 2026
When global oil markets were thrown into chaos by Russia's invasion of Ukraine, most investors ran for safety. However, Christopher Eppinger ran toward the chaos — and reportedly walked away with US$250 million (C$346 million) (1).
Now 31, the commodities trader is chasing his next opportunity in Guyana, a small South American nation that's rapidly becoming one of the fastest-growing oil economies on the planet (2). Through his company, Petrichor Energy, Eppinger says he plans to invest up to US$60 million (C$83 million) in Guyana — buying a quarry, opening a trading office and bidding on government contracts to transport crude and fuel.
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"I'm getting goosebumps," Eppinger told the Financial Times in a phone interview (1). "This is exactly what I was waiting for my whole life. I'm coming into a new market where everything is possible."
His story is more than a tale of extraordinary luck. It's a case study in the kind of disciplined, high-conviction investing that comes with enormous reward — but also enormous risk. For Canadians watching oil markets from afar, Eppinger's moves raise an important question: How do you know when to bet big, and when to walk away?
A small country, a massive oil boom
Guyana, a country of fewer than 1 million people, began its dramatic economic transformation in 2015 when ExxonMobil discovered an estimated 11 billion barrels of crude in the offshore Stabroek block — one of the largest finds in decades (3).
Since then, production has surged to more than 900,000 barrels a day, with further growth expected (4). Analysts at Wood Mackenzie estimate the Guyanese government could take in around US$10 billion (C$13.6 billion) annually in oil revenue by the end of the decade — a windfall already reshaping the country's economy.
Guyana's gross domestic product (GDP) has experienced unprecedented growth recently, with over 40% in some years. World Bank Group data reports the country's GDP grew by 43.4% in 2024, following massive surges in 2022 (63.3%) and 2023 (5).
"It's insane that nobody is looking at it," Eppinger said.
The idea to invest in Guyana came during a conversation with traders about Chevron's US$53 billion (C$73 billion) deal to acquire Hess Corporation — a key ExxonMobil partner in Guyana's offshore projects (6). Before turning to Guyana, Eppinger had explored deals in the Middle East, including fuel projects in Iraq and gasoline exports from the United Arab Emirates. He ultimately chose not to move forward — timing he now views as fortunate, given the heightened tensions in the region.
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"I think some higher force or whatever was protecting me," he said.
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Commodity traders profit when markets break
Eppinger isn't alone in having found profit in global disruption. Commodity trading firms like Gunvor have also benefited from recent market dislocations, reporting roughly US$1.6 billion (C$2.2 billion) in gross profit in just the first quarter of 2026 (7) — roughly the same amount the firm made in all of 2025.
The gains underscore a well-known but difficult-to-execute strategy: Buy crude where it's cheap, sell it where supply is tight. When war, sanctions or logistics shocks send oil markets off-balance, skilled traders can capitalize on the price gaps that open up.
But Eppinger himself is clear-eyed about the limits of that strategy — and about knowing when to stop.
"You need to leave the casino when you're winning," he said, explaining why he's no longer interested in trading Russian crude. "I was really happy with the money I've made and I didn't want it to go much crazier than that."
A big bet in a volatile market
The same forces driving interest in Guyana also make oil a dangerous bet for those who are unprepared. Recently, prices have swung sharply (8) — in one recent move, benchmark West Texas Intermediate (WTI) crude dropped nearly 8% in a single day to US$91.28 (C$126.42), while Brent crude fell to about US$94.79 (C$131.28). Brent crude has risen roughly 82% in 2026 alone (9).
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Morgan Stanley has suggested the current surge in oil prices could be nearing a peak, with signals pointing toward potential declines later in the year. A sharp pullback is most likely if geopolitical tensions ease or additional supply enters the market.
Guyana itself also comes with its own unknowns. Rapid development in infrastructure, regulatory frameworks and local markets means conditions on the ground are still evolving. Even so, the momentum is hard to ignore. Cranes now fill the Georgetown skyline as hotels and office towers go up, and construction vehicles crowd the streets.
"Everything is missing here for now but everything is being developed, and having the opportunity to participate in that whole environment is extremely interesting," Eppinger said.
Guyana's ruling People's Progressive Party secured another term in elections last year, and President Irfaan Ali has publicly committed to channelling oil profits into a sovereign wealth fund while ramping up infrastructure spending (10). Speaking alongside ExxonMobil executives in February, Ali said he aims to "showcase to the world a development in oil and gas that is strategic in every form. Here is where the rule of law applies, and here is where your investment is safe, sound and protected (1)."
Backed by growing oil income, major projects are already underway, including a US$260 million (C$360 million) bridge over the Demerara River aimed at anchoring a new industrial hub (11).
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What Canadian investors can learn
For most Canadians, the kind of high-stakes commodity trading Eppinger describes — flying into emerging oil economies, bidding on government contracts, putting up tens of millions of dollars — is far outside the world of personal finance. But the basic lessons apply at any scale.
Know your exit before you enter
Eppinger's most useful move wasn't jumping into the trade — it was knowing when to walk away. That's the real takeaway for everyday Canadian investors: Before you put money into anything volatile — whether it's energy stocks or commodity-linked ETFS on the Toronto Stock Exchange (TSX) (12) — decide in advance what a good exit strategy looks like and how much of a loss you're willing to accept.
Understand how Canada taxes commodity gains
If you're trading energy stocks, oil ETFs, or other commodities in a taxable account, profits may be treated as capital gains under CRA rules — but this depends on your trading activity (13). Casual investors who buy and hold are generally taxed on capital gains, meaning 50% of the profit is included in taxable income and taxed at your marginal rate. For example, if your marginal tax rate is 40%, your effective tax on a capital gain would be roughly 20% (50% × 40%) — not 50%.
However, if the CRA considers you an active trader — based on factors like trading frequency, short holding periods and whether your activity resembles a business — your profits may instead be classified as business income, which is fully included in taxable income and taxed at your full marginal rate (14).
This distinction matters significantly, and individuals who trade frequently should consult a tax professional to understand how their gains will be classified.
Use registered accounts strategically
A TFSA allows Canadians to hold equities, ETFs and other eligible investments and withdraw gains completely tax-free. The 2026 TFSA contribution limit is $7,000 a year, with total accumulated room now exceeding $109,000 for those who have been eligible since the program began in 2009. An RRSP defers tax on contributions and growth until withdrawal — a useful tool for higher-income investors looking to reduce their current-year taxable income while holding growth assets.
Don't chase the headline trade
Emerging market oil booms like Guyana's attract attention when prices and optimism are highest. By the time a trade is widely known, much of the gain may already be priced in. Canadian investors considering exposure to global energy markets should evaluate whether the opportunity is still ahead of them or already behind.
Speak to a registered adviser
Any investment in volatile commodity markets or emerging economies carries meaningful risk. Before making significant changes to a portfolio, consider consulting a registered investment adviser regulated by the Canadian Investment Regulatory Organization (CIRO) (15). CIRO maintains a public registry of registered advisers and dealers at ciro.ca.
Bottom line
Eppinger's story is compelling, but it's worth remembering that most of us aren't flying into emerging oil economies with tens of millions of dollars to distribute. What we can take from it is more practical: Know your limits, have an exit plan and don't chase a trade after its moment has passed.
For Canadian investors, the bigger opportunity often isn't in the headline — it's about the fundamentals. Using registered accounts like RRSPs and TFSAs to shield gains from tax, understanding how the CRA treats commodity income and making sure any move into volatile assets fits within a broader financial plan are the types of decisions that compound over time. It may not be as exciting as a US$250 million oil trade, but it's where the real wins happen.
— with files from Melanie Huddart
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Financial Times (1); OilPrice.com (2); ScienceDirect (3); Council on Foreign Relations (4); World Bank Group (5); Chevron Corp. (6); The Wall Street Journal (7); The Wall Street Journal (8); Marketwatch (9); The New York Times (10); Guyana Department of Public Information (11); Reuters (12); TD (13); Government of Canada – Capital Gains Inclusion Rate (14); Canadian Investment Regulatory Organization (CIRO) (15)
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Victoria Vesovski is a Staff Reporter for Moneywise.
