Via Bloomberg:

Andrew Hall, head of Astenbeck Capital Management on January 2 (in a letter obtained by Bloomberg News) said:

  • Oil prices have almost bottomed out and “some recovery” is likely by the second half of the year as demand picks up
  • Crude could trade in the $40-a-barrel range in 2015, close to “an absolute price floor,”
  • “Oil prices will stay under pressure in 2015 … however, current prices are not sustainable in the longer term. The interplay between extreme weakness in the short term and the potential for supply shortfalls in the medium term should create attractive trading opportunities over the course of the coming 12 months.”

More at the article, here

–

If you’re trading oil and are interested in his comments, read them carefully …. this isn’t a short-term trading comment from Hall.