Friday, February 15, 2008

Saracen Attempts the Reverse Amaranth and...Yes!... Sticks the Faceplant Landing!

Dear Senator Levin,
If these jokers raised my mom's gas bill (net/ net), have them
send a check to Ma Climateer, please.

From Reuters:

UPDATE 6-Saracen energy fund hit with big natgas trade loss

The liquidation of Saracen's position was likely one factor in pushing natural gas prices to 14-month highs this week, traders said.

Front-month natural gas futures hit a 14-month high of $8.847 per million British thermal units in Friday's electronic trade, supported by the market talk of Saracen losses, continued U.S. winter cold, and three straight weeks of larger-than-expected inventory drawdowns.

"They literally moved the markets this week if they unwound positions worth $400 million," said one gas trader.


Saracen was founded by Neil Kelley and Michael Kutsch, two former senior executives with global energy trading house Vitol.

Jeff Richter, a former Enron executive who pleaded guilty to conspiracy to commit wire fraud and making false statements to a federal agency in connection with the California power crisis of 2000, is listed as an affiliate of Saracen on the firm's investment adviser registration on file with the U.S. Securities and Exchange Commission....MORE

HT: DealBreaker