There was hope for oil bulls that following yestrday’s report that “legendary oilman” T. Boone Pickens had just capitulated and liquidated all his oil holdings (days after predicting on CNBC oil would double) that the revulsion phase in oil had finally arrived and that oil had only upside from here. Those hopes however were dashed overnight when the “world renowned” commodity guru Dennis Gartman flipflopped for the latest time, and has made a call (one which he is “certain the blogs shall have a field day with”) that oil prices have bottomed.
To wit:
Crude Oil Prices Have Soared since yesterday and we shall make a bold statement here this morning that we are certain the blogs shall have a field day with: Having been manifestly bearish of crude oil over the course of the past many, many months we are moving to the sidelines in light of the “reversal” to the upside staged by WTI and Brent crude yesterday and in light of the sharp move lower on the part of the contangos in both crude types. We do not make this change easily, for we’ve been known and we’ve made ourselves known as having been manifestly bearish of crude for quite some long while. But as Keynes noted, when the facts changed he changed, and the “facts” in the crude oil market have changed.
Fair enough, we just wonder how Gartman is hedging his “no longer manifestly bearish” oil call: is he buying Dennis Gartman CDS?
Recall that just one week ago on CNBC he said “we won’t see crude above $44 again in my lifetime.”
Does this mean that by turning semi-bullish Gartman now has a deathwish?
via Zero Hedge http://ift.tt/1PX3qdf Tyler Durden