PIERRE ANDURAND
Oil trader who has correctly called major oil price swings and runs Andurand Capital Management
Pierre Andurand is the French oil trader who makes bold public calls and then backs them with billions. He called $100 oil before the 2008 spike, predicted the 2014 crash, and then caught the 2022 post-COVID surge. He’s been wrong too — spectacularly so in 2019. But his track record of catching major turning points in energy markets is unmatched by anyone under 50. He’s basically a professional oil psychic with a Bloomberg terminal.
Net Worth
$2 billion
Nationality
French
Time Horizon
Medium-Term
Risk Appetite
9 / 10
Net Worth Context
- · Still a billionaire — just the quiet kind at the end of the table.
CAREER & BACKGROUND
Andurand grew up in the south of France and started as a swimmer. He was good enough to compete nationally before deciding that trading oil was a better use of his competitive instincts.
He studied mathematics and worked briefly at Goldman Sachs before moving to Vitol, the world’s largest independent oil trader.
At Vitol, he learned the physical oil markets — actual tankers, actual refineries, actual pipelines. This physical market knowledge became his edge.
Most hedge fund oil traders only know the financial side. Andurand knows where the barrels actually are.
He launched BlueGold Capital Management in 2007 with Dennis Crema. The fund returned 209% in 2008 by correctly betting on the oil spike to $147 and then the crash back to $30.
That’s one of the greatest single-year performances in hedge fund history. The fund closed in 2012 after some losing years.
He relaunched with Andurand Capital Management in 2013 and has been on a run since. The fund returned over 150% in 2014 by betting on falling oil prices, and then made another fortune in 2022 when post-COVID demand sent oil soaring.
Assets under management have grown to over $2 billion.
COMPANIES & ROLES
Andurand Capital Management is his current fund, launched in 2013. It manages over $2 billion and trades primarily oil and energy derivatives.
The fund has expanded into other commodities and crypto in recent years.
BlueGold Capital Management was his first fund, co-founded with Dennis Crema in 2007. It became one of the best-performing commodity funds in history with that 209% return in 2008.
It closed in 2012 after two consecutive losing years.
Andurand also co-owns an NFT and digital art platform, reflecting his interests outside of trading.
INVESTING STYLE & PHILOSOPHY
Andurand is a discretionary macro trader focused on energy. He combines fundamental analysis — physical supply and demand data, OPEC politics, geopolitical risk — with technical analysis and market positioning data.
What makes him different is his willingness to be loud. Most hedge fund managers stay quiet about their positions.
Andurand goes on Twitter, does media interviews, and publicly states his price targets. He called $140 oil in 2022 before the Russia-Ukraine war.
He’s not shy.
His positions are concentrated and directional. He doesn’t do relative value or hedged positions.
He picks a direction and sizes it big. When he’s right, the returns are triple-digit.
When he’s wrong, the drawdowns are severe.
THE PLAYBOOK
Risk Approach
About as aggressive as it gets. Andurand runs a concentrated, directional fund.
His drawdowns have exceeded 20% in multiple years. The 209% year in 2008 tells you everything — you don’t get those returns without taking enormous risk.
He’s been humbled by it too. BlueGold lost 34% in 2011, which eventually led to its closure.
Andurand Capital lost money in 2019 on a bad oil call. But he keeps coming back because his wins are so large they more than compensate for the losses.
Money Habits
Andurand lives in London and has developed a reputation as one of the more colorful characters in the hedge fund world. He’s into art, crypto, and fine dining.
He reportedly owns significant real estate in London and the south of France.
He’s active on social media — particularly Twitter/X — which is unusual for a hedge fund manager. He posts about oil markets, crypto, food, and pretty much whatever interests him.
In the typically secretive hedge fund world, his openness is either refreshing or reckless, depending on who you ask.
BIGGEST WIN
BlueGold’s 209% return in 2008. Andurand correctly called the oil spike to $147 in the first half of the year, riding the position up from around $90.
Then, as the financial crisis hit, he flipped short and caught the crash back to $30. Making money in both directions in a single year — on the same commodity — is something almost no trader has ever done.
The 2022 run was nearly as impressive. He was positioned for a post-COVID oil demand surge and then the Russia-Ukraine war added rocket fuel.
Andurand Capital reportedly returned over 100% that year.
BIGGEST MISTAKE
The years 2010-2012 at BlueGold were brutal. After the legendary 2008, the fund struggled to find its footing.
In 2011, BlueGold lost 34%. Oil prices were choppy and Andurand’s directional bets kept getting whipsawed.
By 2012, he closed the fund. He’d gone from managing $2 billion to returning what was left to investors.
2019 was another bad year at Andurand Capital. He bet on rising oil prices based on OPEC cuts and tightening supply.
Instead, global demand concerns and the U.S.-China trade war pushed prices lower. The fund reportedly lost about 10%.
Not catastrophic, but embarrassing for someone who’d publicly called for higher prices.
FINANCIAL PHILOSOPHY
Andurand believes that oil markets are inherently cyclical and that most participants are terrible at timing the turns. His edge is in identifying inflection points — moments when supply and demand fundamentals are about to shift dramatically — and positioning aggressively before the consensus catches up.
He’s also a believer in transparency. He thinks the hedge fund industry’s obsession with secrecy is often just a cover for mediocre performance.
His public calls force accountability. If he says oil is going to $140, you can check.
FAMILY & PERSONAL LIFE
Andurand is married and lives in London. He grew up in Aix-en-Provence in the south of France.
His competitive swimming background shows up in his trading personality — the discipline, the focus on peak performance, the ability to handle pressure. He’s relatively open about his personal life on social media compared to most hedge fund managers.
EDUCATION
Andurand studied applied mathematics at a French engineering school before entering the commodity trading world. The quantitative training combined with his physical market experience at Vitol gave him a toolkit that most pure-play financial traders don’t have.
He can read a supply-demand balance sheet and a tanker schedule.
BOOKS & RESOURCES
Profiles the kind of bold, conviction-driven traders that Andurand models himself after
Explores the cognitive biases that create mispricings in markets — exactly the inefficiencies Andurand tries to exploit
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QUOTES (5)
I say my price targets publicly because I believe in accountability. If I’m wrong, everyone can see it. That makes me more careful.
Oil is the most political commodity on earth. You can’t trade it without understanding geopolitics.
209% in one year sounds amazing until you realize it means I was taking enough risk to lose 100%.
Swimming taught me that you can train harder than everyone else and still lose. Markets are the same. Effort is necessary but not sufficient.
Most hedge fund managers hide behind secrecy because their returns don’t justify the fees. I’d rather be loud and accountable.
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