its a cracker, page-9

Pierre Andurand’s $1.2 billion Andurand Commodities Fund was up 16.3% this year through May 18, compared with the average hedge fund’s return of just 0.1%, thanks to his bullish position on oil.

Mr. Andurand’s strategy is to bet either on the direction of oil—up or down—or to trade small inefficiencies in the market. At the moment, he is taking a maximum bet on rising oil prices in the fund and maintains that this is just the beginning.
“Now it’s getting interesting,” he said. “We are in the middle of a multiyear bull run,” he said. “We could see $100 oil this year…$150-plus in 2020-2021.”
Many analysts caution the oil rally could be self-defeating, since higher prices at the pump could hit consumption or cause the collapse of a production-cutting deal by the Organization of the Petroleum Exporting Countries and other major suppliers.
Mr. Andurand dismisses the bearish arguments. “We could see $100 oil this year…$150-plus in 2020-2021. People think $100 is high. But we’ve seen $100, we’ve seen $150 in a much weaker economic environment [2008] than today, and I think today is much more bullish,” he said. “I don’t think we’re close to the top at all.”

Wall Street Journal 4/6/18
http://archive.li/hyRQ1