Billionaire investor Boone Pickens's BP Capital Energy Equity Fund fell 14 percent in the first two months of the year amid soaring prices for natural gas and crude oil.
BP Capital spokesman Jay Rosser, who said in an e-mail that the fund dropped, declined to comment on the hedge fund's specific market positions and holdings.
Pickens, the founder and chairman of Dallas-based BP Capital LLC, told CNBC on Feb. 21 that he was short on both crude oil and natural gas. He didn't provide additional detail on his positions. A short is a bet that prices will decline.
``He's just a little premature, maybe,'' said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. ``I think he's right. The market is soaring to unprecedented heights on wings of whimsy.''
Crude oil futures touched a record for a fifth day today, climbing above $109 a barrel in New York, after the weak dollar prompted traders to invest in commodities. Natural gas declined after touching the highest level in almost two years....MORE from Bloomberg
