The final price prediction from Andy Hall — the oil trader known to many in the industry as “God” — seems to have come true. Not that it does his investors any good.
Hall, who shot to fame after pocketing $100 million from a single year’s trading back in the 2000s, quit the oil market and returned money to investors on Aug. 31, just as prices really started to take off. In a farewell letter to his clients, he said, with a hint of irony, that his conversion from a long-term bull into a bear could be signal to buy.
He was right. Brent crude has climbed to a two-year high since Hall decried the worsening outlook for a “frustrating” market. The legendary trader’s fund dropped 30 percent in the first half, but evidently he hadn’t lost all of his insight.