Fox – This year’s early rally in U.S. natural gas prices dealt heavy losses to hedge funds that stubbornly maintained short positions in the face of brutally cold weather, and the price slide of the past two months has not yet erased losses that prompted some investors to flee the funds, industry sources say.
Sasco Energy, Skylar Capital and Copperwood Energy, funds founded by some of the most prominent names in gas trading, posted losses after misreading winter weather patterns in the first quarter that caused a spike in prices of gas used for heating, said the sources speaking on condition of anonymity.
