Named as the prominent “God” of the oil and energy markets, Andy Hall is shutting down his central plant fund at Astenbeck Capital Management, the latest report has confirmed.
The plant fund posted vital losses and damages in the first half of the year, according to an earlier report. The flagship capital, Astenbeck Master Commodities Fund II, has tanked almost 30 percent through June, indicating a person with the familiarity of the subject.
CNBC has stretched out to Astenbeck Capital Management for judgment. In July, Hall informed investors in a letter that the global crude market had “materially worsened.” He said OPEC has limited power of the oil markets, and that $50 per barrel is the current standard, Bloomberg reported.
Oil continues mired in an extended downturn that has marked crude rates crater from over $100 a barrel in 2014 to almost $50 at present. OPEC and other oil exporters have decided to remove a glut of oil by decreasing their production, but the work is taking far-reaching than expected.
Hall got his nickname for his knowledge to precisely predict the path of oil businesses. His main appeal to credit came in 2008, a year in which he got a $100 million bonus as an oil merchant at Citi. That large payout incited a backlash, and a year later Citi sold Hall’s Philbro trading division to Occidental Petroleum. This isn’t the first time he has grappled, either. Two years ago Astenbeck was posting damages after oil prices fell.
Bloomberg reported that Hall had opposed bearish sentiment in the oil demand this year.