Pierre Andurand
Famed oil trader Pierre Andurand is out of the oil market, at least for now. His main fund lost about 50% last year on bad bets on crude oil, and he is nervous about the sector and now has a “mixed” outlook.
“We will re-engage in oil markets once we have greater clarity on the supply side,” he wrote in a letter. Obtained by Bloomberg.
Instead, the company is sticking to bets on copper and cocoa, two commodities that hit record levels last month but have since fallen.
During May, the main fund was up nearly 22% and the riskier enhanced fund was up 63%. Last month, Andurand spoke about cocoa and cited bad weather, climate change, fertilizer scarcity and two separate plant disease outbreaks as reasons for optimism.
WTI settled slightly higher today at $80.85.
