Oil trader Pierre Andurand’s main hedge fund, the Andurand Commodities Discretionary Enhanced Fund, which makes leveraged bets, fell by another 7% this month, taking year-to-date losses to a record 51%, according to a report by Bloomberg.
Oil trader Pierre Andurand’s main hedge fund, the Andurand Commodities Discretionary Enhanced Fund, which makes leveraged bets, fell by another 7% this month, taking year-to-date losses to a record 51%, according to a report by Bloomberg.
The report cites an investor letter seen by Bloomberg News as revealing the decline although it is not yet clear what led to the recent losses.
Andurand was in a bullish mood earlier this year, predicting that oil prices may exceed $140 a barrel by the end of 2023, but elevated inventory levels, resilient supplies from Russia, and increasing shipments from Iran and Venezuela, have kept prices at much lower levels.
