Two Top Commodity Traders Disagree on Oil’s Path After Rout
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July’s oil rout, the worst since 2008, is leaving two top commodity traders at odds over how long the slump will last.
Pierre Andurand, one of the most successful traders in the past year, told clients in a letter sent July 24 that oil prices won’t recover substantially until 2017. Andy Hall, one of the best-known oil investors, is increasingly adamant that the market has it wrong, writing in an Aug. 3 letter that a perceived glut in oil supply is overstated.