Hedge Fund Manager Hall Says World Market ‘Not Awash in Oil’
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Andy Hall, one of the best-known oil traders who’s been bullish on prices, said the decline in the oil market isn’t a repeat of 1998 or 2008.
The absence of “extreme contango,” which occurs when commodities prices close to delivery are cheaper than those to be delivered at later dates, suggests that “the world, whilst moderately oversupplied, is not awash in oil,” Hall said in a letter to investors.