# Milestones on the oil market's road to rebalancing

> Crude oil stockpiles are expected to fall significantly in the third quarter, according to a Reuters piece on milestones toward rebalancing the oil market. OPEC and non-OPEC countries are committed to cutting production by about 1.8 million barrels per day in the first half of the year.

- Date: 2017-02-14 · published 2017-02-14T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/72673-milestones-on-the-oil-market-s-road-to-rebalancing
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected stock draws tighten the crude balance and support prices, which matters for energy input costs in feed and ethanol-linked markets.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-09-27 | [Global trade upturn aids oil market rebalancing: Kemp](https://feedsoft.ai/events/69114-global-trade-upturn-aids-oil-market-rebalancing-kemp.md) | -2.4% | +1.3% |
| WTI | 2022-01-26 | [Oil market faces rocky road as shock absorbers wear thin \| Reuters](https://feedsoft.ai/events/43300-oil-market-faces-rocky-road-as-shock-absorbers-wear-thin-reuters.md) | +2.3% | +6.8% |
| WTI | 2020-01-27 | [Due to oil prices on the world market, the prices of all commodities are rising – Lider Media](https://feedsoft.ai/events/55169-due-to-oil-prices-on-the-world-market-the-prices-of-all-commodities-are-rising.md) | -4.7% | -5.1% |
| WTI | 2018-05-01 | [Oil: How the Market Dynamics Have Changed](https://feedsoft.ai/events/65670-oil-how-the-market-dynamics-have-changed.md) | +3.2% | -2.6% |
| WTI | 2020-11-09 | [Oil price crests $41 on vaccine-fueled market rally](https://feedsoft.ai/events/11795-oil-price-crests-41-on-vaccine-fueled-market-rally.md) | +8.0% | +23.5% |
| BRENT | 2017-09-27 | [Global trade upturn aids oil market rebalancing: Kemp](https://feedsoft.ai/events/69114-global-trade-upturn-aids-oil-market-rebalancing-kemp.md) | -5.1% | -1.7% |
| BRENT | 2022-01-26 | [Oil market faces rocky road as shock absorbers wear thin \| Reuters](https://feedsoft.ai/events/43300-oil-market-faces-rocky-road-as-shock-absorbers-wear-thin-reuters.md) | +1.0% | +10.1% |
| BRENT | 2018-05-01 | [Oil: How the Market Dynamics Have Changed](https://feedsoft.ai/events/65670-oil-how-the-market-dynamics-have-changed.md) | -0.1% | -0.8% |

## Sources

- reuters.com: https://www.reuters.com/article/oil-opec-kemp-idUKL8N1FZ5SS/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.