Andrew Hall’s faith in an oil-market rebound isn’t shaken, but it isn’t paying off, either.

The main fund at Mr. Hall’s Astenbeck Capital Management LLC lost 7% in September, according to investor documents reviewed by The Wall Street Journal, leaving it down 20% for 2015 as of Oct. 1 and on track for its worst year since its inception in 2008.

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The decline is noteworthy because Mr. Hall is one of the most visible traders left standing who is betting that oil prices will soar. U.S.-traded crude slumped $2.53, or 5.1%, to settle at $47.10 a barrel on Monday, its largest decline since Sept. 1 and down 12% in 2015.


s recently as a year ago, Mr. Hall told investors that he wasn’t using borrowed money to amplify his returns.

Astenbeck has cut back costs, moving from headquarters in Westport, Conn., that featured a catwalk above the trading floor to smaller digs in nearby Southport. Mr. Hall himself now often works out of a small office in Palm Beach, Fla., according to associates and a former employee.



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