A lawsuit filed by Amaranth Advisors LLC claiming JPMorgan Chase & Co. executives helped to cause the natural gas hedge fund to collapse may not proceed, New York Supreme Court Judge O. Peter Sherwood has ruled. The hedge fund imploded in a $6.4 billion debacle in 2006 on bad bets on natural gas futures and derivatives deals. Amaranth sued the bank a year later for its alleged role in the fund’s demise, claiming that JPMorgan officials interfered in a deal with Citadel by disparaging Amaranth’s financial condition (see NGI, Nov. 19, 2007). In a 32-page ruling Sherwood said Citadel had “conducted its own research in connection with the proposed transaction with the fund and evidence of the tenuousness of the fund’s financial condition was readily available” (Amaranth LLC v. JPMorgan Chase & Co., No. 603756/2007, New York Supreme Court, New York County).
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BP’s Options Limited Without Rosneft Alliance, Says Moody’s
The collapse of a strategic alliance between BP plc and Russia’s largest producer, OAO Rosneft, would limit the options for the UK-based company and its other Russian partnership, TNK-BP, and would result in a negative impact on credit, Moody’s Investors Service analysts said Monday.
Traders Unsure What to Make of 89 Bcf Storage Pull
Following the market’s recent tradition of following a large spike with a similar collapse a day or two later, January natural gas futures answered Wednesday’s 21.3-cent jump with a 17.1-cent drop Thursday to close at $4.435.
Williams’ Malcolm to Retire at Year’s End
Steve Malcolm, 62, who guided Williams Cos. from the brink of financial collapse in 2002 to becoming one of the leading natural gas operators in the country, announced that he will retire as CEO and chairman in December.
Williams’ Malcolm to Retire at Year’s End
Steve Malcolm, 62, who guided Williams Cos. from the brink of financial collapse in 2002 to becoming one of the leading natural gas operators in the country, announced that he will retire as CEO and chairman in December.
Gas Prices Seen Stumbling into 2011
The potential for a late summer natural gas price collapse may not be as high as analysts had predicted a few months ago, thanks to hotter-than-expected weather and a moderation in gas supply going forward, but prices aren’t expected to gain much strength for some time, energy analysts predicted.
Potential for Gas Price Collapse Is Collapsing
The potential for a late summer natural gas price collapse may not be as high as some analysts had predicted a few months ago, thanks to hotter-than-expected weather and a moderation in gas supply going forward, energy analysts predicted Monday.
Sub-$4 = Slow Decline in Gas Drilling, Analyst Says
U.S. natural gas drilling won’t collapse in a sub $4/Mcf world but it will decline through 2011, about the same time gas prices are predicted to gain strength, energy analysts said last week.
U.S. Gas Drilling Expected to ‘Gently’ Roll Over
U.S. natural gas drilling won’t collapse even in a sub $4/Mcf world but it will decline through 2011 as more producers shift to oilier plays, Raymond James & Associates analysts said Monday.
House Passes Bill to Regulate OTC Market, Set Position Limits
Driven by the financial market excesses that led to the recent collapse of major financial institutions, the U.S. House of Representatives Friday passed by a vote of 223 to 202 a financial regulatory reform bill that would regulate over-the-counter (OTC) derivatives for the first time, set position limits for futures commodities trading, create a Consumer Financial Protection Agency and set an orderly process for winding down large, failing non-bank financial institutions.
