Dennis Gartman, who in March warned that oil could hit $15 a barrel by the year's end, has turned bullish on the commodity, citing structural shifts in the crude market. (Tweet this.)
In fact, just two days ago, Gartman cautioned that the bear market in oil would continue to the point of a "panic liquidation."
But in a note Friday, the author of "The Gartman Letter" said, "For having been overtly and rather relentlessly ... and very publically ... bearish, we are this morning turning bullish of crude oil and we are turning so because the term structure shifts mandate that we do so."
"We do not make this statement lightly for this is a material shift in our view of the energy market ... a very material shift," said Gartman, who is sometimes referred to as the "commodities king."