I knew a guy that worked in an oil and gas, he would tell me the strategy the execs were taking (in terms of long/short CL and BZ various contracts out to a year or so out). From early 2022 to early 2025 they were wrong super majority of the time, even not considering the war in Europe. It’s a publicly traded company but they don’t break out their trading in their reporting, they just call it hedging and show the PnL on that, but listening to the trades it’s wild. FWIW many top experts have been wrong, it’s easy to look in retrospect and say what went wrong, but at the time many were confident.

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