Pierre Andurand's main hedge fund has lost about 40% since the start of 2023 after the banking crisis caused panic in commodities markets, making the famed oil trader one of the hedge fund world's biggest losers so far this year, according to a report by Bloomberg.

Pierre Andurand's main hedge fund has lost about 40% since the start of 2023 after the banking crisis caused panic in commodities markets, making the famed oil trader one of the hedge fund world's biggest losers so far this year, according to a report by Bloomberg.

Unnamed Reuters sources have revealed that most of the losses incurred by the Andurand Commodities Discretionary Enhanced Fund came in March with the fund down 23% in the first 17 days of the month alone.

Concerns about the health of the global banking sector, in the wake of the demise of SVB Financial Group, Signature Bank and then Credit Suisse's rescue by rival UBS, saw oil prices slump to their lowest level since 2021 last week. International benchmark, Brent Crude was down around 15% for the year up to the end of last week, trading as low as $71.40 per barrel on Friday.

Andurand though, remains bullish, predicting that prices may surpass $140 per barrel this year, despite the recent turmoil wiping out all of the gains made by his fund last year.