Saturday, 30 July 2016
Last updated 16 hours ago
Jun 10 2014 | 1:23pm ET
Oil prices haven’t done much this year, but that isn’t stopping Andrew Hall.
Hall’s Astenbeck Capital Management enjoyed its fourth-straight monthly gain, putting its early-year troubles behind it and leaving the $3.4 billion firm up nearly 16% on the year. A little less than half that return has come over the past two months, when Astenbeck returned almost 7%, Reuters reports.
By contrast, U.S. crude oil has gained 6% this year and Brent crude, traded in London, is down about 1%.
Hall did not explain how Astenbeck, which lost 8.3% last year, had earned its returns. Nor did he offer an update on his relationship with Occidental Petroleum, which owns Hall’s Phibro trading desk and a stake in Astenbeck. Occidental is thought to be mulling an end to their link, which began when it bought Phibro from Citigroup.
Of course, one could take the winning streak as a bad omen: The last time Astenbeck had a four-month winning streak, in 2011, it suffered its first-ever annual loss.