“I think I made a mistake” Pickens humbly told CNBC yesterday, referring to his prediction that oil would drop in the 1st quarter.
He sees oil “hanging around here” in the 2nd quarter, and above $100/barrel in the 2nd half of the year. He is also bullish on natural gas, citing it’s relative cheapness compared with current oil prices.
This is interesting, because no doubt Pickens knows energy about as well as anybody – and his previous short call on oil was a rare miss. Long energy investors can now take comfort that they are now on the same side of the trade as Pickens.
Also worth noting, he mentions at the end of the interview that he is “not a day trader” and has made his money by picking long term positions and staying out of the volatility. Something to seriously consider in these volatile times.