Macro
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month values ▾
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| +0.15 | +0.15 | +0.10 | +0.15 | -0.15 | +0.10 | +0.15 | -0.29 | +0.25 | +0.30 | +0.35 | +0.40 |
Brent climbs to $66 as OPEC extends cuts through March 2018
How this mood is scored ▾
OPEC and non-OPEC producers agreed to extend production cuts of 1.8 million barrels per day until March 2018 to reduce global supply overhang. Despite the extension, oil prices fell as high inventories and rising U.S. shale output limited market impact, raising doubts about long-term rebalancing.
Hurricane Harvey caused a 34% drop in Gulf Coast refinery inputs, shutting down key facilities and disrupting fuel supply chains, including the Colonial Pipeline. With over half of U.S. refining capacity affected, gasoline prices surged nationally by 28 cents per gallon, the largest weekly increase since 2005, impacting domestic and international markets. The disruption highlights the region's critical role in U.S. petroleum storage and distribution, with lasting implications for fuel pricing and supply resilience.