Bullish on OIl Demand | Russell T. Rudy Energy LLC
Andrew J. Hall with Astenbeck Capital Management, is widely acclaimed as an oil price guru. “World Oil” reports that he is now predicting that demand in the U. S. and Asia will go “on a tear” and drive oil prices upward later this year and into next.
Apparently Hall is undeterred by the prospects of a Greek default, a turbulent Chinese stock market and a potential nuclear deal with Iran. He contends that markets have overreacted to the global oil glut since the amount of oversupply is only about half what many analysts had predicted. He feels that market fundamentals, especially demand, will drive prices higher. “For the past 4 weeks the year over year growth in apparent oil demand is a whopping 1.34 MMbpd (million barrels per day) or 7.2 %” according to his recent newsletter to investors.
To read the article in its entirety, please go to http://www.worldoil.com/news/2015/7/08/renowned-trader-sees-phenomenal-demand-in-us-asia-ending-oil-glut .
