And it will be impacted more with half measures and late reactions. Andurand’s fund also soared then, with gains of more than 210% in 2008 and 55% in 2009. The fund, run by former Citadel money manager Robert Polak, will On Wednesday, West Texas Intermediate futures in New York fell 24% to settle at $20.37 a barrel, the lowest since February 2002. "I am not saying it will happen.
Those gains wipe out the last two years of losses, they added.The move comes after unprecedented events caused a fallout in the oil industry. The oil market is a high stakes poker table where those who play can afford to … That sell off was suddenly exacerbated two weeks ago after talks between OPEC+ broke down, as Saudi Arabia and Russia started a war for market share, opening the spigots and hammering oil prices.Andurand, traditionally among the most bullish oil investors, appeared to pivot to a bearish tone recently. "There is no limit to the downside to prices when inventories and pipelines are full.
Hedge fund manager wins big as oil prices fall to 18-year lows Pierre Andurand, the hedge fund manager known for his bullish oil calls, won big as prices crashed to 18-year lows.
"Andurand, who was born in the southern French city of Aix-en-Provence and studied applied mathematics before attending the French business school HEC Paris, had just predicted the oil market's biggest-ever shock.Just a few hours afterwards, New York light sweet crude nosedived into negative territory for the first time in history, plagued by demand-destroying coronavirus, a vast supply glut and a Saudi-Russian price war.West Texas Intermediate crude hit a historic low of minus $40.32 per barrel on April 20 as sellers were forced to pay to offload the May contract amid scarce storage capacity.That compared with around $60 a barrel at the start of this year.London's Brent North Sea oil dived to a record-low $15.98 on April 22 but did not turn negative.Andurand's funds have sky-rocketed in value on the back of his remarkable prediction, winning a three-digit percentage since the start of the year.Yet it has not all been plain sailing. Andurand Capital, which last year was managing $1 billion, lost 8% in January but it looks like Pierre Andurand believes the oil sell-off will continue has been bang on the money beyond the hedge fund managers wildest dreams.
Pierre Andurand, the well-known head of commodities-focused fund manager Andurand Capital Management, is cautioning of “crazy losses” as oil markets continue to suffer unprecedented shocks, warning: “Be very careful out there.”
The plunge has triggered an equally dramatic sell off in energy stocks, leaving many U.S. oil producers Hedge fund Anchor Bolt Capital became one of the first casualties from the market turmoil.
Pierre Andurand was starting to doubt himself.
"Andurand Capital is led by Pierre Andurand, one of the world’s most renowned oil and energy traders, previously CIO of BlueGold Capital". Global benchmark Brent crude settled below $25 a barrel on Wednesday, a far cry from the $71 from the start of the year. Use of the CNN name and/or logo on or as part of NEWS18.com does not derogate from the intellectual property rights of Cable News Network in respect of them. Negative prices are possible," tweeted Andurand, who is based in Malta. Last month, he started posting on social media about how the coronavirus would have negative implications for the global economy.Stop believing that world GDP will not be affected in a significant way.
© Copyright Network18 Media and Investments Ltd 2020. It will.
French oil trader Pierre Andurand was catapulted into the spotlight this year after correctly betting that the deadly novel coronavirus would spark a sub-zero oil market collapse. French oil trader Pierre Andurand was catapulted into the spotlight this year after correctly betting that the deadly novel coronavirus would spark a sub-zero oil market collapse.Andurand, the 43-year-old founder of London-based Andurand Capital who runs two multi-million-dollar funds, bet in February that the deadly Covid-19 outbreak could represent a rare "black swan" event that would send prices into reverse.Two months later, in another remarkable call, the hedge-fund trader tweeted on the morning of April 20 that oil could turn negative in a perfect storm of evaporating demand, chronic oversupply and scarce storage. CNN and the CNN logo are registered marks of Cable News Network, LP LLLP, displayed with permission. But just be careful out there. A Time Warner Company. If it does it would be very short lived.
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