Energy · CL · USD / bbl
WTI Crude
WTI's Brent discount has narrowed structurally as US export infrastructure matures. Shale break-evens have risen to $65-70, providing a hard cost floor while productivity gains have plateaued.
Spot
$78.14
Δ 24h
+1.5%
Realized Vol
23.1%
Cycle Phase
Peak Euphoria
Price Timeline · 10Y
Hover · Click eventsInteractive History
Annotated Macro Events
2020Negative Futures SettleMay 2020 contract settles at -$37.63; storage stress.
2022180mbbl SPR ReleaseLargest emergency release in history caps spring rally.
2023Permian Productivity PlateauIP rates stop improving; shale supply elasticity declines.
Cycle Phase Breakdown
Probability-weighted regime modelWhere WTI Crude Sits in Its Supercycle
28%
32%
20%
Accumulation
8%Post-COVID basing.
Early Bull
12%Reopening trade.
Expansion
28%Inventory drawdowns.
Peak Euphoria
32%Current — backwardated curve, tight spares.
Distribution
20%Substitution risk.
Supply & Demand
- US Crude Production13.4 mbpd
- Cushing Inventory31 mbbl
- Permian DUC Count-18% YoY
Cross-Asset Correlation
- Brent0.98
- DXY-0.58
- HY Credit0.44