Tuesday, 23 August 2016
Last updated 3 hours ago
Aug 13 2008 | 11:50am ET
T. Boone Pickens has been all over television lately plugging his alternative energy plans, while the legendary oilman’s commodity hedge fund has been battered in the energy markets.
Pickens’ BP Capital Commodity Fund plummeted 35% last month as long bets on oil proved painful, the New York Post reports. Crude oil—which Pickens predicted would hit $150—soared to $147.27 per barrel by mid-July, but has since fallen to about $113 per barrel.
“We notified our commodity-fund investors last week that the steep decline in natural gas and oil prices has had an adverse impact on our performance,” a spokesman for Pickens’ $7 billion Houston firm, BP Capital, told the tabloid.
The huge July losses have sent BP Capital Commodity to a 10% year-to-date loss, the Post says.