(Bloomberg) – Oil trader Pierre Andurand’s hedge funds are having another record year, with one of his money pools returning 50% before even a big increase in September.

The gains of its Andurand Commodities Discretionary Enhanced Fund, disclosed in a letter to investors this week and seen by Bloomberg, follow the 154% advance of last year. Its former fund Andurand Commodities, which returned 68.6% last year, rose 25.7%.

Andurand, which told clients August’s gains were due almost entirely to its exposure to emissions, did not jump last month. He said he remained bullish on the European gas, carbon and German electricity markets and predicted a rise in oil prices fueled by dwindling inventories, strong OPEC + compliance, a moderate response from the supply from US shale producers and an unexpected increase in demand triggered by a gas shortage.

A spokesperson for Andurand Capital Management, which has offices in London and Malta and manages around $ 800 million, declined to comment.

The portfolio manager joins other commodity-focused hedge funds that have benefited from soaring energy costs. Earlier this year, he told his clients the world was entering a multi-year bull market for commodities and a global shift to decarbonization was going to support the cycle. The Bloomberg Commodity Spot Index, which tracks 23 energy, metals and crops futures contracts, gained about 50% last year, hitting record highs.

The Energy Opportunity Fund of London-based Westbeck Capital Management gained 17.2% in September, bringing gains for that year to 94%, according to chief executive Jean-Louis Le Mee. The $ 210 million fund benefited from betting on Canadian energy stocks and trading options on crude oil.

(Updates with Westbeck’s feedback in the last paragraph)

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