The man everyone listened to about oil, T-Boone Pickens admits it—he’s cashed out on all of his energy-related positions. It’s what he recently told Bloomberg, explaining that he is waiting for the right chance to re-enter the market. He also predicted oil has reached the lowest of the low. Of course, the Texas energy mogul and CEO of BP Capital Management also is the man who predicted that oil prices would return to the $70 range by the end of 2015. Guess what? It didn’t happen.
“Just don’t get in a rush here. You’re going to have plenty of opportunity,” he said in the interview with Bloomberg. “The market is going to be volatile. It’s not going to be straight up, we know that, so there will be good entry points.”
Since he already missed his $70 oil prediction for 2015, you might not blame investors for being hesitant to consider his latest prediction that oil prices will rebound to the $50 and $60 range by the end of this year. But he also believes that the small oil producers across the country remain targets to be acquired by the larger energy producers.
Read more in the Houston Business Journal and see Bloomberg interview.
Houston Business Journal
