{"id":161758,"date":"2023-07-01T08:00:00","date_gmt":"2023-07-01T00:00:00","guid":{"rendered":"https:\/\/www.mediaintel.asia\/?p=920692"},"modified":"2023-07-01T08:00:00","modified_gmt":"2023-07-01T00:00:00","slug":"an-oil-trading-hedge-fund-just-got-slammed-with-a-51-loss-amid-this-years-slump-in-energy-prices","status":"publish","type":"post","link":"https:\/\/www.chinalegalblog.com\/en\/2023\/07\/01\/an-oil-trading-hedge-fund-just-got-slammed-with-a-51-loss-amid-this-years-slump-in-energy-prices\/","title":{"rendered":"An oil-trading hedge fund just got slammed with a 51% loss amid this year\u2019s slump in energy prices"},"content":{"rendered":"<div align=\"center\"><a href=\"https:\/\/www.mediaintel.asia\/\" title=\"MediaIntel.Asia provides Media Intelligence and Media Monitoring in Asia\" ><img src=\"https:\/\/www.mediaintel.asia\/wp-content\/uploads\/mediaintelasia-logo-blackyellow-400x300-1.png\" border=\"0\" width=\"200\" height=\"150\" alt=\"MediaIntel.Asia\"><\/a><\/div>\n<p>Reuters \/ Todd Korol<br \/>\nAn oil hedge fund is looking at 51% loss as its bets on energy prices turns sour, Bloomberg reported.<br \/>\nPierre Andurand's hedge fund had delivered sky-high returns to its investors from 2020 through 2022.<br \/>\nAndurand gave a bullish outlook for oil prices earlier this year, arguing that the commodity could hit $140 per barrel.<br \/>\nA hedge fund managed by Pierre Andurand took a stunning loss in the first six months of 2023, with its flagship fund down 51% amid this year's drop in energy prices.<br \/>\nThe Andurand Commodities Discretionary Enhanced Fund makes leveraged bets in the energy space and fell 7% in the first three weeks of June, according to an investor letter seen by Bloomberg. The hedge fund has likely lost about $750 million so far this year, based on reports that it manged about $1.5 billion in December 2022.<br \/>\nWhile it's unclear as to what trades drove the big losses, it likely was related to bullish oil bets as Andurand had given a forecast earlier this year that oil prices would soar to $140 per barrel by the end of 2023.<br \/>\n\"I think oil will go upwards of $140 a barrel once Asia fully reopens, assuming there will be no more lockdowns,\" Andurand said, adding that the \"market is underestimating the scale of the demand boost that it will bring.\"<br \/>\nInstead, oil prices have steadily dropped by about 12% this year, with WTI Crude Oil trading at just under $71 a barrel on Friday. The commodity price has been driven by cheap Russian oil flowing through the global commodity market, a weaker-than-expected economic reopening in China, and high inventory levels.<br \/>\nOil prices are down 46% since the commodity peaked at $130 per barrel in the immediate aftermath of Russia's invasion of Ukraine in March 2022.<br \/>\nThe massive drop for Andurand's hedge fund comes after it delivered sky-high returns for its investors from 2020 through 2022. The hedge fund was up 154%, 87%, and 59% in 2020, 2021, and 2022, respectively, according to Bloomberg.<br \/>\nRead the original article on Business Insider<\/p>\n<p>This data comes from <a href=\"https:\/\/www.mediaintel.asia\/\" title=\"MediaIntel.Asia provides Media Intelligence and Media Monitoring in Asia\" >MediaIntel.Asia's Media Intelligence and Media Monitoring Platform<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters \/ Todd Korol<br \/>\nAn oil hedge fund is looking at 51% loss as its bets on energy prices turns sour, Bloomberg reported.<br \/>\nPierre Andurand's hedge fund had delivered sky-high returns to its investors from 2020 through 2022.<br \/>\nAndurand gave a bullish out&#8230;<\/p>\n","protected":false},"author":253,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[144,586,194,249],"tags":[10315,7571],"class_list":["post-161758","post","type-post","status-publish","format-standard","hentry","category-china","category-economy","category-news-chinese-law","category-russia","tag-media-intelligence","tag-oil"],"_links":{"self":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/161758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/users\/253"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/comments?post=161758"}],"version-history":[{"count":1,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/161758\/revisions"}],"predecessor-version":[{"id":161759,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/161758\/revisions\/161759"}],"wp:attachment":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/media?parent=161758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/categories?post=161758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/tags?post=161758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}