RE:RE:TelegraphHere's a read for you.
https://www.iea.org/oilmarketreport/2014_06_18_Oslo_MTOMR%202014.pdf
Good luck if you can fathom what it really means!! I would simply add that this two year reversal in prices has resulted in lower production and finding costs and the surplus in storage is at ell-time highs, not only in N.A. but globally, and oil producing countries are still seeking higher, not lower, oil revenues. and that can come only from oil output inrreases and competition for market sharre Demand for oil and oil products has shown downward move in last two months and seasonally we can expect this to continue, so short term oil storage will continue forcing prices down or at best going nowhere. Longer term? I think you need an exogenmous castrophic event (like interference with Saudi oil) to change this trend. There is absolutely no global growth of any note. My forecast...oil prices remain in the $35 to $49 range for months and IAE must take advantage of any contango to lock in reasonable hedges..