'Godfather of Commodities': Time to Take Short-Term Profits in Crude Oil Has Arrived

BlockBeats news, November 3 - After international oil prices surged this year, renowned investor Jeff Currie, who has long been bullish on the energy market, has begun advising investors to take short-term profits. However, he has not changed his long-term outlook for the energy sector, believing that the structural energy super cycle driven by deglobalization, electrification, and currency depreciation still exists, and investment opportunities are shifting from crude oil itself to energy infrastructure and supply chain resilience.

Currie is the founder and CEO of Real Macro, and previously served as chief energy strategist at Carlyle Group and Goldman Sachs, earning him the title of "Godfather of Commodities." He has been consistently bullish on oil since the COVID-19 pandemic and further reinforced this stance after the outbreak of the Iran crisis this year.

However, he stated on social platform X that now is the time to cash in some short-term trading gains, for two main reasons: first, oil prices had risen too fast and too much previously; second, further escalation of the situation in the Strait of Hormuz would have mutually destructive consequences for both sides of the conflict.

Currie refers to spot crude oil and short-term futures contracts as "prompt oil." He believes investors can consider taking profits on such trades as well as refined product positions. Brent crude has risen about 75% year-to-date, which in his view has already provided investors with sufficiently generous returns.