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BRENT CRUDE$82.45+1.2%WTI CRUDE$78.14+1.5%GOLD SPOT$2,342.10+0.4%SILVER$28.15-0.1%COPPER HG$4.52-0.2%URANIUM U3O8$92.00+2.8%LITHIUM CARB$13,400-4.1%WHEAT ZW$562.25+0.1%NATURAL GAS$2.85+3.2%ALUMINUM$2,340+0.6%NICKEL$17,200-1.8%COCOA$7,850+5.4%BRENT CRUDE$82.45+1.2%WTI CRUDE$78.14+1.5%GOLD SPOT$2,342.10+0.4%SILVER$28.15-0.1%COPPER HG$4.52-0.2%URANIUM U3O8$92.00+2.8%LITHIUM CARB$13,400-4.1%WHEAT ZW$562.25+0.1%NATURAL GAS$2.85+3.2%ALUMINUM$2,340+0.6%NICKEL$17,200-1.8%COCOA$7,850+5.4%
Intelligence Engine
Energy · BZ · USD / bbl

Brent Crude

Brent sits at a structural pivot — OPEC+ spare capacity is at decade lows while non-OPEC supply growth is decelerating. Energy transition CapEx starvation since 2015 has created a thin supply cushion vulnerable to any demand surprise.

Spot
$82.45
Δ 24h
+1.2%
Realized Vol
22.6%
Cycle Phase
Peak Euphoria
Price Timeline · 10Y

Interactive History

Hover · Click events
20152016201720182019202020212022202320242025
Annotated Macro Events
2016OPEC Algiers AccordFirst production cut deal in 8 years marks cycle bottom.
2020COVID Demand CollapseWTI futures briefly trade negative; Brent hits $19 intraday.
2022Russia Invades UkraineBrent spikes above $130; Western sanctions reorder global trade flows.
2023SPR Release Wind-DownUS ends 180 mbbl emergency release; refill bids set new price floor.
2025OPEC+ Extends CutsVoluntary cuts extended through Q4 2025.
Cycle Phase Breakdown

Where Brent Crude Sits in Its Supercycle

15%
25%
30%
20%

Accumulation

10%

2015-2016 capitulation low and producer bankruptcies.

Early Bull

15%

2017-2018 OPEC discipline restores price discovery.

Expansion

25%

2021-2022 reopening demand meets supply-starved capacity.

Peak Euphoria

30%

Current — geopolitical premium and tight spares dominate narrative.

Distribution

20%

EV substitution and demand peak risk increasingly priced.

Supply & Demand
  • OPEC+ Spare Capacity3.2 mbpd
  • Global Inventory Days58 days
  • Shale Rig Count YoY-12%
  • China Refinery Runs+4.1%
Cross-Asset Correlation
  • DXY
    -0.62
  • S&P 500
    0.34
  • US 10Y Yield
    0.41
  • Gold
    0.18
Exposure Vehicles
  • USO
    United States Oil Fund
  • BNO
    United States Brent Oil Fund
  • XLE
    Energy Select Sector SPDR
View Full Tracker →
Related in Energy

WTI Crude

+1.5%
$78.14
Peak Euphoria

Natural Gas

+3.2%
$2.85
Accumulation

Uranium U3O8

+2.8%
$92.00
Early Bull