What if Kazakh and Azeri output growth deepens an oil glut?
Simultaneous Tengiz ramp and resilient Azeri flows add non-OPEC barrels into soft demand, deepening a crude glut that caps Brent and pressures both petro-currencies.
how we built this number — every step
The class rate is measured from our dated, sourced event library (decade-normalized Poisson — the full table is public at base_rates.json). The variant’s share within its class is the analyst’s editorial call, published so you can audit it. A wider range means thinner precedent. Full recipe: methodology · scored at Reality Check.
The butterfly cascade
How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.
Resolution timeline — how this probability is moving
Our model's odds (gold) over time vs the crowd's (Polymarket, blue), from the past toward the 6–18 months horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. The gold path is an illustrative reconstruction anchored to today's estimate — real dated events, not a live re-estimate history.
What it would mean
If this plays out, it is a mixed shock. Simultaneous Tengiz ramp and resilient Azeri flows add non-OPEC barrels into soft demand, deepening a crude glut that caps Brent and pressures both petro-currencies. The trigger decomposes into signed root‑shocks — EM currencies ▼ · Oil demand ▼ · Oil supply risk ▼ · Risk appetite ▲ — which propagate through our causal graph to the markets below.
If it happens — the markets it would move
Biggest moves first. Projected moves are cascade-model priors; hist A–B% = what comparable past events actually did (measured abnormal returns), and model prior · unmeasured marks markets with no analogue backing yet. Tap any market for its price history.
| Market | Class | Projected move | |
|---|---|---|---|
| 1 | WTI crude CLon Hyperliquid 📈 chart | Commodity | ▼ -1.2% hist -2.46–+2.54% · other way -3.2% (n=7) |
| 2 | Brent crude BRENTon Hyperliquid 📈 chart | Commodity | ▼ -1.2% hist -1.73–+0.61% · other way -2.08% (n=7) |
| 3 | Energy sector XLEon Hyperliquid 📈 chart | Equity | ▼ -0.8% hist -0.72–+0.44% · other way -2.1% (n=7) |
| 4 | United Airlines UAL 📈 chart | Equity | ▲ +0.7% hist -5.38–+11.51% · other way +7.88% (n=7) |
| 5 | ExxonMobil XOM 📈 chart | Equity | ▼ -0.6% hist -0.97–+0.07% · other way +0.43% (n=12) |
| 6 | Chevron CVX 📈 chart | Equity | ▼ -0.5% hist -1.17–+0.21% · other way +0.11% (n=12) |
| 7 | Delta DAL 📈 chart | Equity | ▲ +0.6% hist -1.76–+8.03% · other way +3.94% (n=7) |
| 8 | Turkish lira TRY 📈 chart | FX | ▼ -0.2% hist -0.22–+0.04% · other way +0.33% (n=7) |
| 9 | Indian rupee INR 📈 chart | FX | ▼ -0.2% hist -0.28–+0.35% · other way +0.1% (n=7) |
| 10 | Hyperliquid (HYPE) HYPEon Hyperliquid | Crypto | ▲ +0.2% model prior · unmeasured |
| 11 | Solana SOLon Hyperliquid 📈 chart | Crypto | ▲ +0.1% hist -3.58–+4.55% · other way -4.91% (n=7) |
| 12 | 30y Treasury yield DGS30 📈 chart | Rate | ▼ -1bp hist -3.0–+10.51% · other way +10.9% (n=12) |
| 13 | 10y Treasury yield DGS10 📈 chart | Rate | ▼ -1bp hist -5.69–+9.46% · other way +3.7% (n=12) |
Probable recommendation
Historical precedent — what analogous events actually did
Across 21 analogous events (overlap‑weighted), as abnormal returns — market beta stripped, so it's the event's own effect, not the market backdrop. Shown at 20 days (persistent) and 5 days (immediate); ↺ fades = the two horizons disagree. Confidence = consistency × sample × significance.
| Asset | History says | Abnormal (20d · 5d) | Hit | n | Confidence | vs cascade |
|---|---|---|---|---|---|---|
| DAL DAL | LONG | +6.8% · 5d +1.8% | 79% | 15 | 0.54 | ✓ matches cascade |
| Volatility VIX | SHORT | -5.7% · 5d -5.2% | 71% | 20 | 0.31 | · |
| 30y yield DGS30 | LONG | +10bp · 5d +3bp | 68% | 21 | 0.27 | ⚠ differs |
| INR INR | LONG | +0.5% · 5d +0.6% | 65% | 16 | 0.22 | ⚠ differs |
| UAL UAL | LONG | +10.9% · 5d -0.0% ↺ fades | 60% | 16 | 0.19 | ✓ matches cascade |
| XLE XLE | LONG | +0.8% · 5d +0.2% | 59% | 18 | 0.17 | ⚠ differs |
| US dollar DXY | LONG | +0.1% · 5d -0.4% ↺ fades | 60% | 21 | 0.17 | · |
| TRY TRY | LONG | +0.1% · 5d +1.5% | 60% | 16 | 0.14 | ⚠ differs |
| XOM XOM | SHORT | -0.6% · 5d -0.4% | 56% | 21 | 0.11 | ✓ matches cascade |
| Gold XAU | LONG | +0.6% · 5d -0.0% ↺ fades | 55% | 18 | 0.09 | · |
| Bitcoin BTC | LONG | +9.6% · 5d -2.5% ↺ fades | 54% | 10 | 0.06 | · |
| SOL SOL | LONG | +4.8% · 5d -8.6% ↺ fades | 54% | 10 | 0.05 | ✓ matches cascade |
| CVX CVX | SHORT | -0.8% · 5d -0.3% | 52% | 21 | 0.03 | ✓ matches cascade |
| CL CL | LONG | +3.4% · 5d -0.6% ↺ fades | 45% | 18 | 0.00 | ⚠ differs |