|Proving that the oil market is becoming too difficult to read these days, two of the largest oil-trading hedge funds are experiencing a whipsaw year and are headed for a second straight year of negative returns. According to Reuters, Astenbeck Capital Management, run by Andrew Hall and Clive Capital, managed by Chris Levett, are encountering cross currents caused by economic concerns over the approaching “fiscal cliff” and the possibility of supply disruptions due to tensions in the Middle East. |
Oil prices tend to fall in a slowing economy and rise as Middle East tensions increase. Recessionary fears caused by the European debt crisis and the uncertainty over a fiscal cliff solution in the U.S. hurt the more bullish Andrew Hall of Astenbeck Capital, which is down 2 percent this year, while the threat of Middle East conflicts work against the short-strategy employed by Chris Levett of Clive Capital, which is down 3%.
|Hedge Fund Lists|