Liam Denning, Columnist

Oil Has a Crisis of Faith

Markets start to worry E&P firms can't just frack their way out of a slump.

August 3, 2017 at 5:10 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

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It's capitulation day in the oil market, but served two ways.

The appetizer is news that Andy Hall -- the legendary oil trader who goes by the modest sobriquet of "God" -- is reportedly shutting down his flagship hedge fund at Astenback Capital Management LLC. Given that Hall was a noted bull who has been in the game for decades, and the oil market felt pretty abandoned by God already, this is not ideal for anyone banking on a rally.