(Bloomberg) -- Oil trader Pierre Andurand’s hedge funds are having yet another banner year, with one of his money pools returning 50% even before a surge in September. 

The gains by his Andurand Commodities Discretionary Enhanced Fund, disclosed in a letter to investors this week and seen by Bloomberg, follow last year’s 154% advance. His older Andurand Commodities fund, which returned 68.6% last year, was up 25.7%.

Andurand, who told clients that August’s gains were due almost entirely to his exposure to emissions, didn’t break out last month’s jump. He said he remains bullish on European gas, carbon and German power markets and predicted higher oil prices fueled by shrinking inventories, strong OPEC+ compliance, muted supply response from U.S. shale producers and unexpected demand rise sparked by gas shortage.

A spokesman for Andurand Capital Management, which has offices in London and Malta and manages about $800 million, declined to comment.

The money manager joins other commodities-focused hedge funds that have profited from surging energy costs. Earlier this year, he told clients that the world is entering a multiyear bull market for commodities and a global shift toward decarbonization is going to support the cycle. The Bloomberg Commodity Spot Index, which tracks 23 energy, metals and crop futures contracts, has gained about 50% the past year, reaching records. 

London-based Westbeck Capital Management’s Energy Opportunity Fund gained 17.2% in September, boosting gains for this year to 94%, according to Chief Executive Officer Jean-Louis Le Mee. The $210 million fund benefited from Canadian energy equities bets and crude oil options trading. 

(Updates with Westbeck returns in final paragraph)

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