Oil trader Pierre Andurand’s main Andurand Commodities Discretionary Enhanced hedge fund was down 19% last week as oil prices fell below $74 a barrel in New York on the back of global recession fears, according to a report by Bloomberg.
The report cites an investor letter as revealing the slump at the fund which was one of the’s best performing hedge funds in recent years with gains of 154%, 87% and 59% in 2020, 2021, and 2022, respectively. At one pint last year, the fund was up by as much as 160% before giving up some of its gains in H2.
In a recent interview with Bloomberg and a string of social media posts, Andurand has predicted that oil prices could rise to over $140 per barrel once Asian economies fully re-open following strict Covid restrictions – especially in China.
