Longer-form analysis of WTI crude oil and the markets around it — last reviewed on October 4, 2026
Why WTI usually trades at a discount to Brent, what widens or narrows the spread, EIA history since 2010 and the 2026 Hormuz blowout.
From about 415 million barrels to the lowest level since 1982: what the SPR holds, how releases and exchanges work and what they mean for WTI.
WTI fell about 21% in 2025 to $57.26, averaging $65.39 — the tariff shock, OPEC+ unwinding, the June Iran spike and record US output.
Price wars, cuts and unwinding, shale breakevens and the UAE exit — how OPEC+ policy feeds through to the WTI price.
How futures-based oil funds work, why roll costs make them diverge from WTI, and how they differ from energy-stock ETFs.
Operating leverage, hedging, breakevens, dividends and the shale mergers of 2024–2025. Educational, not stock picks.
Why transport is the key to US oil demand, Texas's dual role in oil and renewables, and why change is gradual.