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Shorting fossil fuel stocks no longer viable, says HITE boss

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James Jampel, the founder of hedge fund HITE Hedge Asset Management, has admitted that recent strong increases in the price of oil means his strategy of shorting fossil fuel stocks is no longer viable, according to a report by Bloomberg.

Jampel however, does believe that the rally in oil, fuelled by the war in Ukraine and recent Saudi Arabia-led OPEC+ cuts in output, will eventually tail off. For now though, he says the sector remains too volatile and unstable.

Last year Jampel, closed the HITE Cabin Offset Fund which had been betting against fossil fuel stocks since 2019, because the strategy was no longer profitable and he is now employing an energy-market neutral strategy for investments.

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