Skip to content
(Bloomberg) -- Pierre Andurand, the hedge fund manager known for his bullish oil calls, won big as prices crashed to 18-year lows.The Andurand Commodities Fund was up 40% in the first two weeks of March and 30% year to date, according to people familiar with the matter, who asked not to be named because the information isn’t public. Those gains wipe out the last two years of losses, they added.A company spokesman declined to comment.The move comes after unprecedented events caused a fallout in the oil industry. Prices had already started falling in January as investors started raising fears about how the then-unknown coronavirus would affect oil demand in China, the world’s second-largest economy. That sell off was suddenly exacerbated two weeks ago after talks between OPEC+ broke down, as Saudi Arabia and Russia started a war for market share, opening the spigots and hammering oil prices.Andurand, traditionally among the most...
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]...
Loup Ventures managing partner Gene Munster on Wednesday said that Tesla Inc. (NASDAQ: TSLA) will see "little impact" in the long term from its Fremont, California factory shutdown.Tesla Required To Stop Manufacturing Alameda County officials on Tuesday said that Tesla is "not an essential business" and can only maintain "minimum basic operations" at the Fremont factory due to the restrictions imposed in the wake of the novel coronavirus outbreak. A spokesperson from the county sheriff's office later told Buzzfeed Wednesday that Tesla has committed to reduce its workforce in the factory from the existing 10,000 to 2,500.The spokesperson added that Tesla continuing to manufacture automobiles at the site will violate the law, and the sheriff's office would "bring them under compliance" in that scenario.Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.Tesla Has Enough Cash To Sit It...
Oil prices rose on Thursday, bucking panic selling in other markets, as investors tried to assess the impact of massive central bank stimulus in putting a floor under plummeting fuel demand from the coronavirus pandemic. The global benchmark slumped 13% on Wednesday in a third day of relentless selling. Saudi Arabia, the defacto leader of the Organization of the Petroleum Exporting Countries (OPEC), which kicked off a price war with Russia that has pushed prices down by around a half, is planning to keep pumping at a record rate of 12.3 million barrels per day (bpd) for months....
Oil prices rose nearly 10% on Thursday after a three-day selloff drove them to their lowest levels in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia. Benchmark Brent, which has lost half its value in less than two weeks, was offered some respite as investors across financial markets assessed the impact of massive central bank stimulus. Brent crude jumped $2.29, or 9.2%, at $27.16 a barrel by 0831 GMT, after plunging to $24.52 on Wednesday, its lowest level since 2003....
