Could oil be the catalyst that wakes cross-asset volatility?

In this CF Benchmarks X Space, recorded on July 23, 2026, CF Benchmarks Head of Research Gabe Selby, CFA (@gxselby), is joined by Research Analyst Mark Pilkoczuck; Kraken Chief Economist Thomas Perfumo, CFA (@ThomasPerfumo); CF Benchmarks Head of Business Development Peter Stern (@sternpeter9); and special guest Craig Shapiro (@ces921), Senior Macro Strategist at NinjaTrader and author of The Aletheia Narrative.

The conversation captures markets at a genuine inflection point. With July options expiry behind us and dealer positioning near cyclical lows, the cross-asset volatility suppressed throughout the year may finally be reawakening.

Craig explains his “coiled spring” framework for record-low implied correlations and traces the potential sequence of a volatility sho ...