Nothing Has Really Changed In The Oil Market Since The 2014 Crash (Video)

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We discuss the EIA weekly oil report, check out the futures market, and discuss the longer-term outlook for the market given mature and declining demand in the developed world, massive supply potential to come to market, electric vehicle adoption, and slumping global demand due to the end of the current business cycle, and potential global recession over the next 16 months.

When consumers had the lowest gasoline prices since 2004 and electric vehicles had their best year yet, and Ford (NYSE:F) and Mercedes (DDAIY) both have a fleet of new electric vehicles planned for production over the next two years, the oil market may be in a longer-term secular downtrend with lower highs and lower lows being established over the next decade. OPEC and Russia are still producing far more oil than they were in July 2014 by a large margin.