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BLUEGOLD SOARS ON RISING CRUDE TO RETURN 12.5PC

BLUEGOLD Capital, the energy hedge fund run by Dennis Crema and Pierre Andurand, benefited from the rally in oil futures to return 12.5 per cent to investors in March.

The $1.7bn (£1.1bn) fund has recovered from a rocky patch at the start of the year to generate a cumulative 1.5 per cent in the first quarter. The strong run comes as oil for May deliver trades at around $85 per barrel, its highest range since October 2008, with speculators taking advantage of a weak dollar and betting on an uptick in global industrial activity.

BlueGold’s performance last month was four times stronger than the average hedge fund, according to Hedge Fund Research.

Andurand, who made his name as a trader with Goldman Sachs in Asia, is known for taking long positions in oil. In February, BlueGold was forced to deny offloading large volumes of crude amid short-term weakness in the price of the commodity.