Wakanda News Details

Man who predicted 2020 oil crisis

French oil trader Pierre Andurand was catapulted into the spotlight this year after correctly betting that the deadly novel coronavirus would spark a sub-zero oil market collapse.

Two months later, in another remarkable call, the hedge-fund trader tweeted on the morning of April 20 that oil could turn negative in a perfect storm of evaporating demand, chronic oversupply and scarce storage.

Andurand had previously correctly forecast that oil prices would strike a record peak of $147 per barrel in 2008.

Andurand added that he then realised there was a "strong probability of containment measures" that would likely slam the brakes on global oil demand -- and spark a chain reaction that would tank the market.

Fast-forward one month, however, and oil prices have recovered somewhat to trade at around $35 per barrel, on the back of an easing supply glut and output cutbacks from Opec and fellow crude producers.
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