Oil Hedge Fund BBL Commodities Sees Brent at $80 on OPEC Cuts
- Jonathan Goldberg says oil inventories are lower than it seems
- Goldberg says he isn’t a long-term bull due to electric cars
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BBL Commodities LP, one of the world’s largest oil-focused hedge funds, believes Brent crude will climb to $80 a barrel this year as stockpiles drop rapidly on the back of production cuts made by OPEC and its allies.
"We think the market is vastly overestimating the near term inventory buffer," Jonathan Goldberg, the founder of BBL Commodities, said in an interview last week. "Given the rise in demand over the past five years, inventories are especially low as a measure of forward cover."