NEW YORK (Reuters) by Devika Krishna Kumar – Two of the world’s largest energy-focused hedge funds, Andurand Capital and BBL Commodities, suffered double-digit percentage losses in July as oil prices plunged by the most in two years, sources familiar with the matter told Reuters on Friday. BBL Commodities Value Fund, run by former Goldman Sachs oil trader Jonathan Goldberg, lost 14.2 percent in July, a person close to the firm said, speaking on condition of anonymity since the information is not public. Andurand Capital’s Commodities Fund lost 15.2 percent in July, bringing the fund’s performance to a 5 percent loss for the year through July 31, according to data compiled by HSBC. Pierre Andurand, who runs the $1.2-billion Andurand Commodities Fund, predicted the rise and subsequent crash in the oil price in 2008 and is known as one of the biggest oil bulls in the market. Both funds were very bullish heading into July, market sources said, leaving them caught on the wrong side during the oil price slide. U.S. crude futures CLc1 last month fell more than 7 percent while global benchmark Brent crude LCOc1 dropped by 6.5 percent, the biggest monthly declines since July 2016. Prices dropped after OPEC… continue reading
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