Pierre Andurand, a commodities trader, is saying oil can reach $200. Here's why.
Pierre Andurand, a commodities trader, has seen one of his fund soar 109% through the first three months of the year, after sensational gains in both 2020 and 2021 as well.
Russian... Pierre Andurand, a commodities trader, has seen one of his fund soar 109% through the first three months of the year, after sensational gains in both 2020 and 2021 as well. Russian oil, he says, won’t be available to global markets for some time, even if the country can reach a peace deal with Ukraine. “So for me, it’s not only about the ceasefire, but I still think that the sanctions will stay on Russia until the West can feel like they can trust them and that they will not go attack another neighbor like a few months later or attack NATO countries,” he told the Odd Lots podcast from Bloomberg.
Of the 4 million barrels a day lost from Russian production, he says Gulf countries can replace 1.5 million. Western countries can tap their strategic reserves to fill the rest, but will run out after about 2.5 years. At $200 per barrel, Andurand said demand could fall to balance the market. Directly asked if oil could reach that level this year, he replied that it could.
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