COM - Andurand Calls The Oil Market Outlook Mixed Here's Our Take
2024-06-26 17:06:00 ET
Summary
- Pierre Andurand calls for a mixed outlook on the oil market.
- We agree, as the oil market is range bound into year-end. Current Q2 balances are skewed heavily to the bear side.
- US oil production is holding still around ~13.1 million b/d opening the possibility of an increase to ~13.45 to ~13.55 million b/d by year-end.
- We are currently fully positioned in energy equities, but we need to see Q3 balances demonstrate inventory draws. If not, then we will be moving to cash.
Pierre Andurand, nicknamed the oil trading god (after Andy Hall retired), is famous in the hedge fund world for his keen and often accurate forecast of the oil market fundamentals. So for many close followers of the oil market, when Andurand talks, we all listen....
Andurand Calls The Oil Market Outlook Mixed, Here's Our Take