The Brent oil price sank again overnight down -7%+ to $30.60 as I write. Henry Hub gas fell sharply as well to $2.09mmBtu:
There were two causes. First, the IEA cut its demand growth estimates for 2016:
Having peaked, at a five-year high of 1.6 million barrels per day (mb/d) in 2015, global oil demand growth is forecast to ease back considerably in 2016, to 1.2 mb/d, pulled down by notable slowdowns in Europe, China and the United States, the newly released IEA Oil Market Report (OMR) for February informs subscribers. Early elements of the projected slowdown surfaced in the last quarter of 2015.