As the price of West Texas Intermediate went into free fall in the second half of 2014, nobody had a clue where the price might stabilize. After all, in mid-2008 a similar free fall began that took WTI from nearly $150 a barrel into the $30s. As the price dipped below $50 a barrel, many analysts began suggesting oil could fall much lower. $30 a barrel . Analyst Dennis Gartman went so far as to suggest on CNBC that we could see oil fall to $15 a barrel because of insufficient crude oil storage. I view $30 a barrel or lower as extremely unlikely. My prediction for 2015 was that West Texas Intermediate wouldn’t close below $40 a barrel, because of some important distinctions between today’s market and that of 2008. Despite an oft-repeated mantra about falling demand, global […]