Oil storage containers are seen, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, California, U.S., April 7, 2021.
Lucy Nicholson | Reuters
While a lot of the market's attention is focused on volatile stocks like AMC and GameStop, many hedge funds are zeroing in on another trade: oil.
The commodity has been on a tear with surging demand as the global economy reopens.
Brent is at a two-year high and WTI crude is at levels not seen since October of 2018.
Maglan Capital, a New York-based hedge fund, has the commodity as its top position. In December 2020 when oil was in the high $30s, just as the FDA was issuing emergency authorization for the use of vaccines, co-founder David Tawil correctly predicted prices would double.
He's now calling for oil to hit $100 a barrel by the end of the year.
June 04, 2021 at 11:28PM
https://www.cnbc.com/2021/06/04/forget-amc-and-gamestop-the-hottest-trade-for-hedge-funds-now-is-oil.html
Forget AMC and GameStop, the hottest trade for hedge funds now is oil - CNBC
https://news.google.com/search?q=forget&hl=en-US&gl=US&ceid=US:en
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