Popular hedge-fund manager Pierre Andurand is cautioning that the oil markets are worse off than many traders believe, according to the Wall Street Journal. When asked why oil prices aren’t higher than they are given the grave situation in Ukraine, one manager of a $1 billion hedge fund has a frightening answer: it’s because traders just haven’t realized just how bad things are yet. Andurand compared what’s happening now with the Russia/Ukraine crisis to the ostrich effect that took place during the early stages of the Covid-19 crisis: no one wants to believe how bad things are. Regardless of what some believe, though, Andurand, chief investment officer at Andurand Capital Management, is banking on crude oil prices staying high, or even rising higher. But that hasn’t stopped Andurand from believing that there is still room to sanction Russian oil. Assuming that Russia exports 6.5 million barrels of oil per […]