With the oil price chart looking like death, and with WTI about to slide below $50 for the first time since October 2017... ... it will not come as a surprise that the market's biggest crude bull (perhaps second only to Andy Hall), and one of the last remaining oil hedge fund managers, saw even more pain in November, when his hedge fund dropped another 5.9%, and after suffering his worst ever drop in October when the Andurand Commodities fund tumbled 20.9%, the Frenchman's hedge fund is now down 17% YTD and on the verge of its first ever annual decline since inception 5 years ago. The virtually certain loss in 2018 will break a five-year streak of annual gains: the fund gained 2.2% last year, after a 22.1% gain in 2016, a 4.1% increase in 2015, and 38% in 2014. And to think that it was just in April when the always optimistic hedge fund manager, who managed $1.2 billion before the plunge in October and now manages much less, said that crude could conceivably hit $300 a barrel in a few years; ironically oil is now just $20 away from a $30-handle. Still, it's not all bad news: judging by the "modest" drop in November, when oil dropped more than 20%, it is likely that Andurand either exited his position or otherwise hedged, suggesting any downside from here is limited and all he has to worry about are those pesky year-end redemption notices. Of course, the flipside is that if oil were to miraculously soar from here, he would capture little if any of the upside. The other good news is that Andurand is still managing money: as Bloomberg notes, oil and commodities hedge funds have struggled in recent years, with many high profile managers shutting down their flagship vehicles. Andy Hall, aka the oil trader known as "God" (at least when oil goes up) shut his Astenbeck Master Commodities Fund II Ltd. last year, after shuttering another investment vehicle several years earlier. Earlier this month, BBL Commodities LP became the latest oil hedge fund to shut down its flagship fund. Founder Jonathan Goldberg said the firm will focus instead on managing money for individual clients.