Sponsored by Antimony Resources

$51M Bet Against Oil Surge

An anonymous trader has opened a $51.5 million short position on Brent crude with 5x leverage on the blockchain trading platform Hyperliquid, a contrarian bet against oil prices that have surged more than 55% in March alone — the benchmark’s steepest monthly climb on record.

The position was entered at $102.13 a barrel with a liquidation price of $141.89. Brent futures climbed 2.5% to $115.45 on Monday, March 30, as Yemen’s Houthi militants fired missiles at Israel and President Donald Trump told the Financial Times he wanted to seize Iranian oil assets — pushing the mark price roughly $13 above the short’s entry and leaving the trader sitting on an unrealized loss of approximately $2.7 million. The position liquidates at $141.89, leaving about $26 of headroom from current prices.

You can read more on the matter here.

What’s going on?

• Hegseth Claims All Nations North of the Equator as US Security Perimeter in ‘Greater North America’ Doctrine (theDeepDive)

• NASA set for first crewed moon return in over half a century (Reuters)

• Bessent Says US Will Control Hormuz “Over Time” (theDeepDive)

• Reopening Hormuz Is ‘Easier Said Than Done,’ Starmer Says (Bloomberg)

• U.S. Permits Russian Oil Shipment to Cuba Amid Global Energy Crisis (theDeepDive)

• Canada will cancel thousands of refugee claims under new retroactive law (TS)

• Toronto’s Shen Yun Show Halted by Bomb Threat, Venue Evacuated (theDeepDive)

• Trump threatens destruction of Iran’s energy resources if a deal isn’t reached soon (Globe)

• Avi Lewis Wins NDP Leadership with Over 39,000 Votes in Decisive Race (theDeepDive)

What’s the latest?

• Real Estate: Ontario and the federal government will eliminate the 13% HST on new homes up to $1M (max $130K savings) from Apr 1, 2026–Mar 31, 2027, with partial relief up to $1.5M and $24K savings at $1.85M+. The plan is expected to deliver ~$2.2B in tax savings, add ~8,000 housing starts, support ~21,000 jobs, and boost GDP by $2.7B. It complements a broader $1.7B federal housing fund and $8.8B joint infrastructure plan tied to cutting development charges.

• Tech: South Korea’s AI chip startup Rebellions raised $400M, valuing it at $2.34B, to expand into the U.S. and prepare for an IPO. The company focuses on AI inference chips (Rebel100 NPU), targeting clients like Meta and xAI, and competing with Nvidia and startups like Cerebras/Groq. Strong demand is tempered by memory chip shortages, though backing from Samsung and SK Hynix helps secure supply.

• Markets: Canada’s S&P/TSX rose 333.41 to 32,294.06, supported by energy stocks as oil climbed $2.66 to $102.30/barrel. U.S. markets were mixed (Dow +334.18; S&P 500 +18.38; Nasdaq −5.75), while the Canadian dollar weakened to 71.80¢ USD (from 72.07¢). Gold increased $38.70 to $4,563.00/oz.

• Politics: The federal and Ontario governments will jointly invest $8.8B ($4.4B each) to cut municipal development charges by ~50% for 3 years, aiming to lower housing costs and speed construction. The plan funds housing-related infrastructure (roads, transit, sewage) while prioritizing municipalities that reduce fees. Combined with HST removal on new homes (saving up to $130K), the initiative targets improved affordability and increased housing supply.

• Air Canada: Air Canada CEO Michael Rousseau will retire by end of Q3 2026 after backlash over a condolence video lacking French, following a crash that killed two pilots. The controversy drew 1,800+ complaints and criticism from leaders including PM Mark Carney, highlighting language obligations under Canadian law. Rousseau, who led the airline since 2021, is credited with improving finances, including a $3.5B adjusted profit, but faced ongoing tensions over language and labour issues.

Hudbay x Arizona Sonoran

The stock market and stuff

• Air Canada CEO To Retire By Q3 2026 (theDeepDive)

• Glencore Under Pressure as Quebec Offers Legislative Relief for Troubled Horne Smelter (theDeepDive)

• Canada moves to ban crypto donations for election campaigns following UK (Coindesk)

• Equinox Gold Maps Out Decade of Growth for Canadian Operations (theDeepDive)

• Japan’s Stock Market Plunges 4% as Asia Energy Crisis Deepens (theDeepDive)

In the juniors

• Americas Gold and Silver Widens Net Loss In 2025 Despite Silver Growth (theDeepDive)

• Mako Closes Nevada Mt. Hamilton Acquisition For $40M (theDeepDive)

• Cascadia Minerals Secures Major Exploration Alliance And Equity Investment Agreement With Agnico (theDeepDive)

• Integra Resources Q4 2025: A Weak Quarter Hid A Stronger Year (theDeepDive)

FULL DISCLOSURE: Antimony Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Antimony Resources. The author has been compensated to cover Antimony Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.