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B.G., Opalesque Geneva:

The Merchant Commodity Fund, a commodity hedge fund run by Doug King, was up 16% in October according to figures seen by the Financial Times.

According to the paper, the $147m fund made its returns last month through three main trades: betting against the oil price, trading the spread between diesel and gasoline, and taking bullish positions on stronger US natural gas prices. That left it up 15% YTD.

The fund has had ups and downs since its launch in 2004 by King and Mike Coleman. In early 2013, the managers cut a third of the staff after two consecutive years of losses during which assets under management slumped almost 90%. The fund gained almost 60% in 2014 when crude went from above $100 to below $50. It then lost money in 2015 when commodities slumped.

This piece of news comes as Brent crude oil prices tumbled down. After reaching a high of more than $86 a barrel in early October, Brent crude fell as low as $59.26 a barrel on Friday, a level last seen in October 2017, ......................

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