Price Drivers

The most important crude drivers are easier to scan when they are separated into physical, financial, and geopolitical signals.

Supply & Demand

OPEC+, shale output, global demand, China, SPR flows, and physical balances.

Inventories

EIA petroleum reports, Cushing builds or draws, product stocks, and export pull.

Geopolitics

Middle East risk, Russia, sanctions, shipping lanes, and supply disruptions.

Refining

Gasoline, diesel, jet fuel, heating oil margins, turnarounds, and utilization.

WTI-Brent Spread

Pipeline, export, storage, and domestic inventory constraints.