With yet another false-dawn of crude prices blowing in the wind of cash-flow generation desperation, we thought it an appropriate time for a bigger picture glance at the state of the carnage in crude...

An ugly 2014 (down 46%)...

Brought an avalanche of knife-catching "once in a lifetime" opportunists into ETFs to buy the dip in as levered way as they could...

Only to see crude prices collapse another 31% in 2015 for the worst 2 year crash in the history of crude oil trading...

h/t @VexMark

And despite this bloodbath, production is rising, demand flailing, and global storage is at its limit...

So what happens next?