WTI made an appearance below $40 again yesterday, if it keeps doing that it’s only a matter of time…A big conference in Bahrain yesterday heard Ali al-Naimi urge continued investment ‘in order to guarantee the stability of the market for the long and short term’. A bit late now as by most calculations the best part of £300bn of capex has been withdrawn by the majors since market share wars started.

Probably the most influential market commentator, David Hufton is however increasingly worried. Todays Daily Telegraph reports him as saying ‘the world is floating in oil, the numbers we are seeing now are dreadful, this is unprecedented’. Certainly if the Northern hemisphere has a mild winter, as a number of forecasters are suggesting, then the stock situation is indeed precarious.

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