Oil trader Pierre Andurand has seen year-to-date losses at his main Andurand Commodities Discretionary Enhanced fund shrink to 15% from more than 50% earlier in the year on the back of a resurgence in crude prices, according to a report by Bloomberg.
The report cites unnamed sources as confirming that the fund has made money for the past two months as a series of bullish wagers that have begun to pay off following the fund’s worst ever run of performance.
Prices remain far below Andurand’s earlier year prediction of oil reaching $140 a barrel by the end of 2023, but prices have climbed above $90 a barrel in both London and New York for the first time this year on the back of constrained supply and record global demand.
While world consumption has surged to an all-time peak of 103 million barrels a day, Saudi Arabia and Russia — leaders of the OPEC+ cartel — have slashed supplies to bolster prices.
