Hedge fund trader Pierre Andurand believes global oil demand could surge by as much as 4% at some point next year if Covid restrictions around the world are lifted fully, according to a report by Bloomberg.
The report cites Twitter posts by Andurand, whose main commodities hedge fund is up by around 50% this year, as revealing that he believes consumption could rise by three to four million barrels a day in 2023, boosted by a switch from gas to oil.
Crude has saw an increase this month following moves by China, the world’s biggest oil importer, to relax its strict Covid Zero policy measures. The market though, has since stuttered again over concerns of a massive new wave of the virus unleashed by Beijing’s sudden about-turn.
Andurand is one of a group of fund managers who racked up big profits this year on bets that oil and other commodities would jump following Russia’s invasion of neighbouring Ukraine.
