Monday, March 31, 2008

Pickens "Made Mistake Shorting Energy", Sees $100 Oil Through 2008

From Reuters:

Legendary oil investor T. Boone Pickens, who made more than $1 billion in 2006 by betting on rising oil prices, said he expects oil prices will hold near or above $100 a barrel for the rest of this year.

He added that he made "a mistake" when his fund shorted the energy market at the beginning of this year as crude prices surged to new peaks.

Pickens, who heads the BP Capital hedge fund, told CNBC television he thinks oil will "hang around" $100 in the second quarter and that "in the second half we'll see above $100" because of strong fundamentals.

"I still am a fundamental player and I'm going to play the fundamentals until I'm told there's another way to evaluate the market," he said

Here are our previous posts on T. Boone.