After a spectacular first quarter, Pierre Andurand, known as the &#34;God of Oil Trading&#34; and a legendary figure in the energy hedge fund world, quickly fell into an abyss.
On April 23, Bloomberg reported that sources familiar with the matter revealed that Andurand's largest hedge fund, Andurand Commodities Discretionary Enhanced, plummeted approximately 52% in the first half of April (as of April 17), wiping out all gains accumulated during the first quarter and expanding its year-to-date loss to nearly 37%.
Previously, a Wall Street CN article noted that the fund achieved a robust 31% return in the first quarter thanks to precise bets on the supply shock caused by the US-Iran conflict, with a single-month surge of 30.6% just in March.
Analysts point out that the trigger for this severe setback was the Trump administration's signal seeking a ceasefire to end the US-Iran conflict. As market expectations for an easing in geopolitical tensions intensified, Brent crude oil, which had been pushed to nearly $120 per barrel due to war premiums, fell sharply and is now hovering around $100, dealing a heavy blow to Andurand's crude oil long positions.
<h2>April U-Turn: Ceasefire Expectations Caught Longs Off Guard</h2>
Geopolitical winds shifted abruptly in April. Although the supply shock itself continued, President Trump's signals to end the conflict halted the rally in oil prices. In this context, Andurand's long positions suffered heavily.
According to reports, sources indicated that the fund dropped approximately 52% in the first half of April, expanding its year-to-date loss to nearly 37%. Notably, the fund has no fixed risk limit; this design allows it to amplify gains when market conditions are favorable but also exposes it to extreme losses when directional judgments are wrong.
In contrast, physical crude oil traders profited significantly from this volatility. Reports indicate that major oil traders such as Vitol Group, Trafigura Group, and Gunvor Group recorded excess profits through buying and selling physical crude cargo amidst this supply chaos.
According to the Wall Street CN article, Andurand's return this year was truly dramatic. Data shows that the Andurand Commodities Discretionary Enhanced fund gained 31.1% cumulatively in the first quarter, with its monthly trend closely aligning with oil price fluctuations: down 4% in January, up 4.6% in February, and surging 30.6% in March, with the March performance accounting for the vast majority of the quarter's gains.
This performance occurred against the backdrop of a historic supply shock triggered by the US-Iran conflict. After the outbreak of conflict, shipping in the Persian Gulf was disrupted, some production capacity was forced to shut down, and combined with the US blockade of the Strait of Hormuz, the global energy supply chain suffered the most severe interruption on record.
Brent crude futures soared to nearly $120 per barrel on March 9, marking a historic single-month gain of nearly 60%. Andurand's long positions benefited substantially from this trend.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/5d1e8246-c89a-42e8-9cf8-f46b3b109925.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/5d1e8246-c89a-42e8-9cf8-f46b3b109925.png"/>
<h2>From &#34;God of Oil&#34; to Extreme Volatility</h2>
According to a Wall Street CN article, Andurand's career trajectory itself tells the turbulent history of the oil market. He previously worked at Goldman Sachs and Vitol Group, the world's largest independent oil trader, before founding Andurand Capital Management. He became famous for accurately predicting the oil price surge in 2008 and the epic crash in 2020, earning him the title &#34;God of Oil Trading&#34; in the market.
However, in recent years, his performance has exhibited extreme two-way volatility: up approximately 59% in 2022, down approximately 55% in 2023; up again approximately 50% in 2024, then down approximately 40% in 2025. This pattern repeated this year—a 31% profit in the first quarter followed by a &#34;halving&#34; in the first two weeks of April.
The loss in 2023 was particularly typical. At the beginning of the year, Andurand predicted that Brent crude would rise to $140 per barrel by year-end, but oil prices never broke through $100. OPEC+ production cuts fell short of expectations, causing his bullish strategy to fail and ending his three-year streak of profitability.
In 2024, he completely liquidated his long positions in oil futures ahead of the June OPEC+ meeting. In a company letter, he stated, &#34;Once we have a clearer understanding of the supply side, we will re-enter the oil market.&#34;
This time, betting heavily on the Middle East supply shock, Andurand returned to the market with high-risk, high-reward strategies. The market was on his side in the first quarter; entering April, the geopolitical balance tipped again, exacting a heavy toll once more on this oil hunter.

In the first half of April, following signals of a ceasefire that triggered a sharp drop in oil prices, the crude oil long positions held by Andurand's fund were severely hit, plummeting approximately 52% and resulting in a near-37% year-to-date loss. The fund has no fixed risk limit, which amplifies volatility risks in both directions. The fund's monthly performance in the first quarter closely mirrored oil price fluctuations: down 4% in January, up 4.6% in February, and surging 30.6% in March

- Pierre Andurand's hedge fund, Andurand Commodities Discretionary Enhanced, fell approximately 52% in early April, reversing a strong 31% gain in Q1 2026.  
- This dramatic decline was precipitated by signals from the Trump administration indicating an intention to cease hostilities in the Middle East, leading to a significant drop in oil prices from nearly $120 to around $100 per barrel.  
- Andurand's risk-prone strategy resulted in severe losses, contrasting with physical oil traders who profited from the market volatility, highlighting the unpredictable nature of commodity trading.

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31% Profit in Q1, Then "Halved" in First Two Weeks of April: The "God of Oil Trading" Takes a Hard Fall