The hedge-fund manager who predicted the collapse of the oil economy is now predicted a more positive future for the industry.
Pierre Andurand, the chief investment officer of the London-based hedge fund Andurand Capital Management LLP, said he believes a “multi-year bull run” is in order.
“After having been in an oversupplied market we expect inventory draws to start in a few months and accelerate quickly,” he stated in a newsletter to investors. Andurand predicts oil will rebound to $60 to $70 before climbing to $80 per barrel in 2017.
(Written by: N. Reitmayer; Original information source: Calgary Herald http://calgaryherald.com/business/energy/trader-who-predicted-oil-slump-now-calling-for-a-bull-run-on-crude)