Something’s changed in the oil market: even the most stubborn of bulls are “losing their religion” and accepting that they may never again see the price back above $100 a barrel. Look at the dynamics of supply and demand and you can see why. On the supply side it’s all about shale. And on the demand side, all the bulls need to look at to chuck in the towel is Volvo. The firm announced last week that it intends to stop producing petrol and diesel engines from 2019 – they will all be hybrid or electric only.