Andurand Stays Bullish on Oil, Predicting ‘Hefty’ Drop in Supply
- Hedge fund manager sees stocks falling in last half of 2017
- $1.2 billion fund gained 4.2 percent in August, beating peers
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Pierre Andurand, the hedge fund manager who foresaw oil’s plunge in 2014, says he expects a “hefty" decline in global crude stockpiles next year that should drive prices higher.
Oil demand should start accelerating by year’s end, and outside of Saudi Arabia the prospect for production growth among OPEC members looks bleak, Andurand said in a monthly investor letter obtained by Bloomberg News. His London-based Andurand Commodities Master Fund managed $1.2 billion in August, according to the letter.