Oil Is Heading Higher, According To Andrew Hall

Andrew J. Hall, the commodity hedge fund manager and oil trader whose pay package of about $100 million ensnared him in the fight over compensation at bailed-out banks in 2009, believes that oil prices are almost certain to head higher over the long-term.

In a letter to clients of Astenbeck Capital reviewed by ValueWalk, Andy Hall's commodity-focused hedge fund, Hall writes that current oil prices "are unsustainably low on any reasonable assessment and global spare capacity is wafer thin." However, Hall believes that "there is certainly still a chance of  lower prices in the next month or so," although "weighing that possibility against the virtual inevitability of  higher prices down the road leads to a simple conclusion: now is not the time...