Famed oil trader Pierre Andurand is out of the oil market, at least for now. His main fund lost around 50% last year on bad bets on crude and he's soured on the sector and now has a 'mixed' outlook.
“We will reengage in the oil markets once we obtain greater clarity on the supply side,” he wrote in a letter obtained by Bloomberg.
Instead, the firm is sticking with bets on copper and cocoa, two commodities that hit records last month but has since pulled back.
Through May, the main fund was up about 22% and the riskier enhanced fund up 63%. Andurand spoke last month about cocoa and cites bad weather, climate change, a scarcity of fertilizer, and the outbreak of two separate plant diseases as reasons to be bullish.
WTI crude oil settled fractionally higher today at $80.85.
