Chevron Corp (CVX)

[crudeoil24]

The demand of heating oil in the northeast USA drops about 12% a year. Homes are mostly heated by nat gas and propane. Gasoline demand is dropping in the USA. Many new autos getting 40mpg+ ; also hybrids, and 100% hydrogen, and 100% electric autos growing market . Vehicle oil changes are now extended out to 7000 - 10,000 miles. In Europe 40% of all vehicles use full synthetic oil. You can run full synthetic oil ( Mobil I ) in your vehicle for 100,000 miles. It does not oxidize like conventional oil. Although, the oil gets dirty and one would want to change oil and filter after 10K or 15K miles.
Demand is decreasing. PLUS there is such a glut of crude world wide, that it will take months for crude oil futures to get above $40.
Geo-political events can change WTI futures over night.
Growing tensions in N.Korea, Saudi Arabia, Iran etc. play a role in crude oil pricing.