Macro
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month values ▾
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| -0.35 | -0.10 | -0.51 | -0.62 | -0.70 | -0.40 | -0.30 | -0.25 | -0.30 | -0.25 | -0.05 | +0.00 |
After a brief January war spike, the pandemic and a Saudi-Russia price war annihilated demand and crashed crude to a historic negative price in April, the worst moment producers ever faced; vaccines and OPEC+ cuts slowly healed prices back toward positive by year-end.
How this mood is scored ▾
Saudi Arabia and Russia initiated a price war after failing to agree on output cuts, leading to a 25%+ drop in oil prices as Saudi slashed prices and planned production increases. The move destabilized markets, with U.S. and Brent crude hitting multi-year lows, threatening energy firms and altering global supply dynamics amid collapsing demand from the coronavirus pandemic.
The expiring May WTI contract collapsed below zero as storage at Cushing filled and holders paid to offload barrels. The unprecedented print exposed the depth of the pandemic demand shock and broke several oil ETFs and retail products.