Pierre Andurand, the head of Andurand Capital (the world's largest oil hedge fund) is shaping up to be one of the biggest losers in the hedge fund this year, according to people familiar with the matter, as the recent banking turmoil has exacerbated losses in commodity markets.
Andurand Commodities Discretionary Enhanced Fund has lost about 40% so far this year, with most of the losses occurring this month. As of last Friday, the fund had accumulated losses of 23% for the month.
International oil prices fell to the lowest level since 2021 at the beginning of this week, approaching $70/mt, since a series of banking crises seriously struck the risky assets. Traders in many commodities markets are also worried that the global economic downturn will reduce energy demand.
Brent Crude was traded at around $75.69 per barrel during Asian hours on Thursday, still down nearly 12% for the year so far.