Andurand Calls The Oil Market Outlook Mixed, Here's Our Take

Jun. 26, 2024 5:06 PM ETCrude Oil Futures (CL1:COM)CL1:COM36 Comments
(8min)

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.
  • Looking for a helping hand in the market? Members of HFI Research get exclusive ideas and guidance to navigate any climate. Learn More »

Bullish And Bearish Trends of Crude Oil Trading

Artystarty

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

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of MEG.TO, CVE, SU either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

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