Energy hedge funds look to spreads, margins

New York

FOR the oil-trading community, the fall of hedge fund manager Andy Hall signalled a heavy blow, but while commodity funds continue to shutter their doors, some are finding other ways to make money, including trading refining margins and calendar spreads.

Commodity hedge funds have dwindled in recent years as oil prices slumped, leaving only a handful of larger players, including Mr Hall, who ran the Astenbeck Capital Management fund until deciding to close it following losses this year.