Blame it on fracking. Blame it on OPEC. Blame it in fuel efficient cars. Blame it on whatever you wish but just because it was bullish for years, does not mean it will always be the same.
Natural gas has been embraced by the U.S. and continues to grow. Coal is all but dead; being dropped by one country after the next. There obviously is no U.S. oil shortage (thank you Bakkens) and our dependency on overseas oil becomes less with each passing day.
Yes they have shut down rigs to cut back on the oversupply but (imo) barring any disruption in production, I see this years move in crude oil as nothing more than back-n-fill. The 200 month is an interesting overhead obstacle. And that strong U.S. Dollar? No, that not going to help it either (again barring a disruption).
It's not a bear market. It's a collapse of an entire sector. Airplanes went through it; why not /CL?
I'm waiting for much M&A and company failures. They'll increase enormously given the over 700+ publicly traded companies in the U.S.
And the countries reliance on crude oil? It's astounding if you're in the Middle East.
Last month (May) was a Doji. A sign of indecision. What will this month hold? If you're in oil names, I would plan on trading them rather than long hold.
It's going to be an interesting few years ahead. I'd rather be long banks and technology than energy. Something with growth.