Rookie Mistake...

Andy Hall, a trader nicknamed the "God" of the oil and energy markets, is closing down his main hedge fund at Astenbeck Capital Management.   The flagship fund, Astenbeck Master Commodities Fund II, has tanked nearly 30 percent through June, Bloomberg reported, 

In July, Hall told investors in a letter that the global crude market had "materially worsened." He said OPEC has little control of the oil markets, and that $50 per barrel is the new normal, according to Bloomberg.  

Hall got his nickname for his ability to accurately predict the direction of oil markets. His main claim to fame came in 2008, a year in which he got a $100 million bonus as an oil trader at Citi.

Oil remains mired in a prolonged downturn that has seen crude prices crater from over $100 a barrel in 2014 to about $50 today. OPEC and other oil exporters have tried to drain a glut of oil by cutting their output, but the effort is taking longer than anticipated.

I knew that earlier. It was in the papers.   Just a thought.