GIULIETTA TALEVI: Ignore the so-called ‘oil experts’
There’s more to making money from the low oil price than meets the eye, and for society to recover from a pandemic such as Covid-19 is no simple matter
Since the Coronageddon we’ve all become armchair epidemiologists. On Tuesday night, as President Cyril Ramaphosa released his R500bn stimulus package, we were all economic experts – if Twitter is any indication. But most of all, this week we’re oil traders. Or we wanted to be.
A negative price for West Texas Intermediate? Brent crude at 16 bucks a barrel? Surely, you think, this is the steal of the century? Well, it has been for one of the world’s top oil traders, Pierre Andurand, about whom you can read about here (https://www.ft.com/content/1c8e9f81-bdcf-4b15-be6a-92cc88beca27). He has been shorting the stuff since the start of the year and he’s made a packet – not for the first time, either...