Pierre Andurand's Hedge Fund Plunges 52% in April Amidst Oil Market Volatility
Published on April 24, 2026
Andurand Commodities Fund Faces Steep Declines
The flagship hedge fund of prominent energy trader Pierre Andurand, known as the "God of Oil Trading," has seen a dramatic decline of approximately 52% in the first half of April. This downturn has completely reversed all gains made in the first quarter, which were largely due to the fund's optimistic positions in oil during the early stages of geopolitical tensions related to Iran. Sources familiar with the fund's performance indicate that this significant drawdown, observed up to April 17th, has resulted in a cumulative year-to-date loss nearing 37%. This recent performance starkly contrasts with the fund's substantial 31% gain in March, a month characterized by intense fluctuations in commodity prices and inflation expectations, driven by the US-Iran conflict.
A History of Extreme Market Swings
The Andurand Commodities Discretionary Enhanced fund is recognized for its aggressive trading strategy, which does not adhere to fixed risk limits. Historically, this approach has led to both significant gains and equally substantial losses, highlighting the volatile nature of its investment strategies. The recent losses serve as a reminder of the extreme volatility inherent in commodity markets and the potential for rapid reversals in fund performance.
Oil Market Dynamics and Price Reversals
In March, international crude oil prices surged dramatically, contributing to the fund's profitability during that period. The conflict in the Persian Gulf threatened to disrupt oil exports, leading to what was described as the most severe oil supply disruption in global history. Benchmark Brent crude futures peaked at nearly $120 per barrel on March 9th. However, despite ongoing supply-side pressures, including potential naval blockades in the Strait of Hormuz, the narrative of tight oil supply has begun to fade. This shift is largely due to continuous signals from President Trump indicating a de-escalation and a potential resolution to the conflict. As a result, Brent crude futures have retreated, settling around $101 per barrel as of Thursday.
The Impact on Physical Traders and Broader Markets
Periods of high market volatility typically benefit physical commodity and oil traders. Major players like Vitol Group, Trafigura Group, and Gunvor Group are often well-positioned to capitalize on these price swings, reporting substantial profits. Nevertheless, the extreme fluctuations seen in Andurand's fund this year, with a 50% gain in the year before last and an approximate 40% loss for the entirety of last year, underscore the profound challenges and potential for dramatic shifts in returns for investors navigating the volatile commodity landscape.