Black gold rush: Energy hedge funds’ bullish bets pay off as oil soars to near-three-year highs Submitted By Hugh Leask | 02/07/2021 - 9:20am Energy-focused hedge funds are capitalising on oil’s continuing price surge, as the commodity hit its highest level since 2018 this week. Hedge fund managers that trade across the oil market and energy equities spectrum have generated eye-catching double-digit returns this year, as bullish bets built around price rises driven by reopening economies pay off.