In this morning’s edition of The Macro Show, Hedgeye CEO Keith McCullough explains the difference between Hedgeye’s Risk Range™ Signals and Old Wall price targets using Hedgeye's bullish forecast on oil prices.

“The target is daily. When a hunter goes into the bush looking for live animals, he knows the animals move. The target changes,” explains McCullough, as he jumps into his bullish outlook for oil.

“This is going to be the largest draw on crude oil in a decade. And this is with the rest of the world reopening. And then there’s oil demand; we’re already running at 3 million barrels per day in June. That could easily be 5-5.5 million. So you’re going to have a huge draw as demand swoops in.”

McCullough: Price Targets Are Bull$#!t (And Why Oil Is Going Higher) - risk ranges