Andrew Hall Opines On The Oil Market In July 2015 Investor Letter

The God Of Oil, aka Andrew Hall, who runs Astenbeck Capital Management said in a July  2015 investor letter that "underlying fundamentals for oil continue to improve." Hall is well known for his tenure at Phibro before it was closed by Occidental Petroleum OXY and he continues to trade the oil markets for his Astenbeck clients.
Hall sees the global inventory surplus at roughly 240M barrels and says most of that is crude oil. The collapse in prices and surge in demand highlights that "oil demand is price elastic" meaning that demand rises as prices decreases. For those unversed, here's a graphical representation of the relationship:

According to Hall the US oil demand is roughly 4.6 percent higher this year than it was last year.  Production of oil should start to roll over too:

"Since October of last year rig counts have collapsed with the price of oil. Until now however production has not responded meaningfully to this drop in rig counts. But that is to be expected: on average it takes about 6 months from spudding a well to bringing it into production. Hence, starting about now we can expect to see production roll over and sequentially decline during the second half of 2015."

Halls wraps up his July letter saying oil price risks are skewed to the upside