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More than a month ago, I said “whoever is expecting oil price to go high like old days is going to get hit real bad.” Obviously Andy Hall, the legendary oil trader is a clear example.
Recently, Andy Hall decided to close his main hedge fund “Astenbeck fund” after losing 30 percent during the first half of 2017 through June.
The legendary oil trader had remained bullish on oil prices -expecting the price to only go higher, even during the current downturn. But that does not seem to be the case anymore as he is now saying prices would stay low until at least 2020.
Low oil price ($40-$50)/bbl is here to stay, accept this fact, get used to it and find ways to make profits at this level, or be prepared to end up like Andy.
