Andy Hall: Global Oil Demand To Be Higher Than Many Expect

Oil prices fell 8% on Monday, proving to anyone who still needed the lesson that macro is hard and pricing commodities isn’t for the faint of heart. But in a July 1st letter to investors reviewed by ValueWalk (ie, before Monday) Astenbeck Capital Management chairman Andy Hall explained why we should be too concerned about short-term bumps. “Despite the lackluster price action, underlying fundamentals for oil continue to improve,” he wrote. “Low prices really do cure low prices and it’s not just on the demand side of the equation either. Supply will inevitably be affected by the 40 to 50…