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Energy Hedge Fund That Shorted Oil Sees Chance for $100 a Barrel

  • Westbeck Energy Opportunity Fund up 20.2% in March, 3.7% YTD
  • Capex cuts, shut-ins set the stage for higher prices
High Oil Prices Continue To Drive Gas Prices Steadily Upwards

Photographer: David McNew/Getty Images 

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Even as oil prices are battered down to 18-year lows, one energy fund thinks $100 a barrel is achievable. But first, prices need to fall even further.

Westbeck Capital Management’s Energy Opportunity Fund climbed 20.2% in March after declines in the first two months of the year, according to an investor letter. That puts the commodities-focused fund up 3.7% in the first quarter after U.S. oil futures cratered 66% -- their worst quarter ever.