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Oil tycoon T. Boone Pickens has cashed out of crude as the oil market experiences a downturn, according to Bloomberg.com.
He isn’t finished with oil, but plans to be patient.
"The low is in," Pickens told Bloomberg.com. "Just don't get in a rush here. You're going to have plenty of opportunity."
The Oklahoma State graduate continued: "The market is going to be volatile. It's not going to go straight up, so there will be good entry points."
He isn’t alone.
Pickens pointed out active oil rigs in the United States have dropped from more than 1,600 to fewer than 600. Abundant domestic supply coupled with a continued flow from the Middle East have led to a 70 percent downfall in crude prices since 2014.
The slowdown continues to crush oil workers, with a quarter-million jobs slashed in the past 12 months.
Pickens told the show he hopes a slow down in production will lead to West Texas Intermediate rebounding to the $50-$60 range by the end of 2016.
“I will not re-enter, I’m sure,” he noted. “Until we start to draw on inventories. That’s a key point.”
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