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WTI Crude Crashes To "2" Handle After EIA Cuts Demand, Increases Production Forecast
In yet another hit for the energy complex, EIA just cut their global oil demand forecast to 95.19 million barrels a day this year (down from 95.22 million in December’s outlook). The energy agency also increased its forecast for global production to 95.93 million barrels a day (up from 95.79 million last month). This pressured WTI Crude back off a brief bounce and pushed it to a "2" handle at $29.97 for the first time since December 2003. Despite a short-term bounce after Jeff Gundlach suggested today would be a short-term bottom in crude, Jeffrey Gundlach, the widely followed investor who runs DoubleLine Capital ... (full story)
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