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Andy Hall, the oil trader says that oil is a broken commodity

Andy Hall who is a trader of oil who is Legendary has been happy that he is out of the market of oil as he sees oil as a broken commodity at the road for demise in longer term. Hall had been nicknamed God for the predictions he made in the past has been out of the trading business of oil for over two years and he does not have the plans for returning as he is seeing oil as the commodity with the existential problem. Lately, in an interview he said that he had bet on the higher prices of oil for over a decade and he had been continuing his bullish view post the 2014 crash of the oil prices. However in the summer of the year 2017, he had closed his fund after the fund had posted the losses. For a bit of time, Hall had been expressing views which are bearish on oil and saying that the demand is going to peak in the year 2030 because of the advancement of the electric and renewable vehicles and resources.

As the oil prices are crashing to lows of multiple years, Hall has said that Oil has become a broken commodity which is in the longer term decline. The oil prices have gone to the 18 year lows earlier in the week as the markets have been hit by the double shock which is surge of supply and the plunge in demand. As the coronavirus pandemic destroys demand, Saudi Arabia has been preparing for flooding markets in April as the intent is to punish Russia for the refusal of backing deeper production of the OPEC+.

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