Oil Prices Slip as Production Rises
Oil prices slipped on Wednesday, hit by rising supplies in the United States and expectations that producers could relax voluntary output cuts.Brent crude was down 20 cents at $75.68 a barrel by 1330 GMT. U.S. light crude was 35 cents lower at $66.01.The Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started pumping less in 2017 to reduce a supply overhang, and prices have risen by around 60 percent…
Andurand's Hedge Fund Down 6.7 pct in Q1
Oil trader Pierre Andurand's hedge fund lost 6.7 in the first quarter of the year after recouping some of the heavy losses it had suffered in February, data compiled by HSBC showed. Andurand Capital made gains of 3.6 percent in March after losing 14.5 percent in February following returns of 5.2 percent in January, the data showed. Many commodities-focused hedge funds lost out on trades in commodities and energy betting on higher prices in February, a separate report from industry tracker Eurekahedge showed. Reporting by Maiya Keidan
Want to Bet on $100 oil? Some Already Have
Open interest trebles in December 2018 $100 calls. When crude prices crashed in early 2016 to $27 per barrel, most industry executives said the world had seen the last of oil at $100. Almost two years later, as a global crude glut shows signs of receding, the oil options market has seen a spike in activity at $100 a barrel, indicating some oil bulls are betting the price could trade around that level by this time next year. The oil price has hit its highest since 2015 and after having shied away from $60 a barrel this week…
Hedge Funds Turn Bearish on Oil, Refined Fuels
Hedge funds and other money managers were turning increasingly bearish towards oil even before prices plunged on Thursday. Hedge funds cut their net long position in the three main futures and options contracts linked to Brent and WTI by 97 million barrels in the week to May 2 (http://tmsnrt.rs/2pqzvW4). Bullish long positions were trimmed by 31 million barrels while bearish short positions increased by 65 million barrels according to data published by regulators and exchanges.
Oil Rebalancing: Delayed ... or Derailed? Kemp
Oil market rebalancing has been pushed back by a few months rather than pushed off course, if recent movements in crude futures prices are to be believed. Brent futures prices for June delivery have risen in 10 of the last 11 trading sessions by a total of more than $5 per barrel. Brent has now recovered all its previous losses after the sell that began on March 8 and continued through March 23 (http://tmsnrt.rs/2p5snBy). In contrast to the recovery in flat prices, Brent calendar spreads have remained weak and showed no signs of strengthening.
Oil Rebalancing: Delayed Rather than Derailed?
Oil market rebalancing has been pushed back by a few months rather than pushed off course, if recent movements in crude futures prices are to be believed. Brent futures prices for June delivery have risen in 10 of the last 11 trading sessions by a total of more than $5 per barrel. Brent has now recovered all its previous losses after the sell that began on March 8 and continued through March 23. In contrast to the recovery in flat prices, Brent calendar spreads have remained weak and showed no signs of strengthening.
Oil Down Ahead of First Likely US Crude Build in 6 weeks
Oil prices were down slightly on Thursday as the market braced for U.S. government data likely to show the first crude inventory build in six weeks, with record Chinese imports of crude limiting losses. Also weighing on the market was data from Wednesday showing OPEC output at record highs despite the producer group's pledges to cut production soon to rein in a global crude glut. Brent crude was down 4 cents at $51.77 per barrel by 9:16 a.m. EDT (1316 GMT), after dropping as much as 48 cents earlier. U.S.
Oil Gains Tempered by OPEC Output, U.S. Crude Stocks
OPEC pumps 33.39 mln bpd in Sept, highest in at least 8 years. Oil receives some support from record Chinese crude imports. The price of crude oil climbed on Thursday, gaining support from record Chinese imports, but gains were limited after OPEC said its production had risen to the highest level in at least eight years and following reports of an increase in U.S. crude stocks. Brent crude futures were trading at $51.91 per barrel at 1037 GMT, up 10 cents from their previous close. U.S. West Texas Intermediate (WTI) crude was up 3 cents, at $50.21 per barrel.
Fund Manager Andurand Sees $60 Oil and Above
Energy hedge fund manager Pierre Andurand said crude oil could hit $60 a barrel by the end of the year and $70 by summer 2017 as Saudi Arabia wants higher oil prices and will make it happen. "Market participants are getting lost in monitoring how much each individual country is going to cut," Andurand wrote in the latest letter of his eponymous hedge fund that manages $1.4 billion, referring to Saudi plans to get OPEC and other oil producers to reduce output to boost prices.
Oil Traders Doubt OPEC Deal Will Bring Heavy Supply Cuts
OPEC's deal to cut oil production is unlikely to result in a substantial reduction in supplies, some of the world's biggest oil trading companies said this week, meaning the market is unlikely to rebalance until well into 2017. The price of crude oil has stabilised around $50 a barrel since the Organization of the Petroleum Exporting Countries agreed the output deal on Sept. 28. But rising production from OPEC members Libya and Nigeria is casting doubts over whether the agreement can be effective.
Oil Funds Hold down Risk, Eye Volatility After Weak First Half
Oil's big rebound in the first half of the year was a squandered opportunity for most hedge funds with positions in crude, and a surge in volatility is likely to make it harder for them to call the market in the second half. The majority of hedge funds in the oil universe posted sparse returns in the six months to June even as crude rebounded from 12-year lows to post a 30 percent gain. Rather than extend risk through more bets on oil, some fund managers…
Andurand Capital Sees Large Oil Inventory Draws From Next Year
Prominent oil trader Pierre Andurand said on Tuesday he expects global oil stocks will stop growing in the next few months and there will be large inventory draw downs from next year. Andurand, the managing partner of London-based hedge fund Andurand Capital, said at the FT commodities global summit that he expected oil prices to rise to $60 per barrel later this year and $80 in 2017. (Reporting by Sarah McFarlane and Dmitry Zhdannikov)
Andurand up 8 pct on Year
Prominent oil trader Pierre Andurand is betting crude prices will fall, possibly below $25 a barrel, in the first quarter of 2016, and has told his investors in his hedge fund he was ramping up bearish bets. London-based Andurand Capital Management, which runs some $615 million, was up 8 percent in the year to Dec. 11, mostly from winning short bets on oil, a source familiar with the matter said on Thursday. In a letter reviewing the fund's performance through November…
Weak Economic Outlook Propels Energy Losses
Brent, U.S. crude prices fell 8 pct on Tuesday; fundamentals remain bearish, analysts say. Oil prices fell on Wednesday as concerns about the global economy exacerbated worries that an oversupply of crude could last longer than expected. Weak manufacturing reports from China, the United States and Europe undermined global equities, while a stronger-than-expected build in U.S. crude stocks drove oil market sentiment down, analysts said. Wednesday's fall compounded an 8 percent drop in Brent and U.S.
Trend-Driven Funds Profit on Oil's Slippery Path
The oil market's 10 percent surge on Thursday offered a visceral reminder that many of its most active participants could not care less about global oil inventories, Saudi Arabia's stressed finances or the American shale revolution. For dozens of commodity trading advisors (CTAs) from Rotterdam to Chicago, so-called "systematic" funds that typically use price charts or computer models to plot their trades, all that matters is finding a trend and sticking with it.
Andurand Oil Hedge Fund up 13.5%
Energy hedge fund Andurand Capital was up 13.5 percent at the end of February, a source familiar with the matter said on Friday, as one of the world's most famous oil traders extended a winning run. French fund manager Pierre Andurand, who made almost 50 percent last year betting on the oil crash, returned about 10 percent in January and 3 percent in February, the source said, as crude stabilised after hitting a six-year low near $45 a barrel. Andurand…
Andurand Oil Hedge Fund up 13.5 pct
Energy hedge fund Andurand Capital was up 13.5 percent at the end of February, a source familiar with the matter said on Friday, as one of the world's most famous oil traders extended a winning run. French fund manager Pierre Andurand, who made almost 50 percent last year betting on the oil crash, returned about 10 percent in January and 3 percent in February, the source said, as crude stabilised after hitting a six-year low near $45 a barrel. Andurand…
Hedge Fund Manager Cashes in on Oil Crash
Andurand Capital bet on the collapse in 2014 oil prices. Energy hedge fund Andurand Capital returned 38 percent in 2014 betting on the collapse in oil prices, a source familiar with the matter said on Tuesday, emerging as one of the biggest winners from the near halving in crude since June. French fund manager Pierre Andurand, who made his name in 2008 by calling the sharp rise and subsequent collapse in oil prices that year at his BlueGold fund, launched Andurand Capital in 2013.
Andurand Sees Price Swings After OPEC Decision
Oil prices are set for wild swings after OPEC's decision to let the market find its level, says the hedge fund manager famous for calling the 2008 oil price spike and crash, adding that U.S. producers are set to feel pain. Pierre Andurand, whose $350 million fund made an 18 percent return last month by betting on the oil price falling, said Saudi Arabia was no longer trying to control supplies in the face of a wave of U.S. shale oil output. "The fact Saudi is not going to be the marginal producer means more volatility…
