We contacted the DealBreaker energy trading desk this afternoon for a report on the state of the market, but the celtic tigers who are supposed to watch that market for us were already out getting drunk for Saint Patrick’s Day.
We rifled through the desk anyway, and came up with a few notes on what we think was supposed to be a report on the state of the market today. “Still haunted by the sudden loss of liquidity when Enron collpased, the nation's energy markets remained stable with normal volumes Monday but traders admitted they are waiting for bad news from the financial sector which rescued it post-Enron,” the note said. At least that’s what we think it said. It was hard to tell because the page was stained with beer.
When we checked the screens we saw that April NYMEX gas futures contract had dropped like a rock. We called up and asked about it.
“Is this related to Bear Stearns? Is it because they’re selling off their energy portfolio?” we shouted trying to make ourselves heard above the din of the midtown dive.
“Get a life Carney. Not everything that happens today has to be because of Bear Stearns! Nobody thinks the price drops are related to BSC. When are you coming out and getting drunk?” our covert energy reporter said.
Soon, we answered. But the phone had already gone dead. And then we decided we'd attach a Bear Stearns tag to this post anyway.
Posted by guest , Mar 17, 2008 3:51PM
what was the point of this post
Posted by diablo , Mar 17, 2008 3:59PM
Is the Lehman Energy Fund portfolio still around?
Posted by John Carney , Mar 17, 2008 4:01PM
The point was: volume normal for energy trading; naty gas down but unrelated to Bear.
The rest was for our own entertainment. Go read your Bloomberg if you don't like it.
Posted by guest , Mar 17, 2008 4:03PM
John O'Carney, bringing out the Oirish!
Posted by golden girl , Mar 17, 2008 4:15PM
There's that Irish fighting spirit. Have another, Carney!
Posted by guest , Mar 17, 2008 4:23PM
Oil and gas edged off on expectations of slower economic growth. Don't worry just a little mid-east terrorism and we will be back in play above $125/bbl. Bear has a pitiful energy trading desk. LEH is a bit more respectful now that they have picked up Eagle (although I suspect they don't know what to do with it.)
Liquidity concerns? Seriously, do you really think the IBs trade physical energy? Most are a bunch of futures term trader hacks.
The ghost of Jeff Skilling
Posted by mrpink , Mar 17, 2008 4:51PM
Carney 1, Loser who complained: 0
Posted by magilla , Mar 18, 2008 7:35AM
Lehman's energy desk is more respectful because they picked up Eagle? Yes, Chuck Watson and his band of crooks that ran Dynegy into the ground make any energy trading desk more successful. Wasn't it Enron that let Dynegy out of a PJM/ Cinergy spread that would have bankrupt the whole company? Who wrote that comment, Griff Jones? If you weren't related to Watson you would still be scheduling.
Posted by guest , May 13, 2008 2:15PM
Number Number
of Shares of Shares
Beneficially Number Beneficially Percentage of Shares
Owned of Shares Owned Beneficially Owned
Prior Being After Prior After
Name of Beneficial Owner to Offering Offered Offering to Offering Offering
Fund managed by Moore Capital Management, LLC(1) 3,236,482 (2) 3,186,482 (2) 50,000 2.24 % *
UBS O'Connor LLC F/B/O O'Connor(3) 72,856 (4) 72,856 (4) 0 * -
Pipes Corporate Strategies Master Limited
UBS O'Connor LLC F/B/O O'Connor(3) 153,657 (5) 153,657 (5) 0 * -
Global Convertible Arbitrage Master Limited
UBS O'Connor LLC F/B/O O'Connor(3) 16,317 (6) 16,317 (6) 0 * -
Global Convertible Arbitrage II Master Limited
Ospraie SandRidge Holdings LLC(7) 750,184 (8) 750,184 (8) 0 * -
Ospraie Special Opportunities Master Alternative
Holdings LLC(9) 750,184 (8) 750,184 (8) 0 * -
LB I Group Inc.(10) 2,185,339 (11) 2,185,339 (11) 0 1.52 % -
Credit Suisse Securities (USA) LLC(12) 215,195 (13) 215,195 (13) 0 * -
John D. Arnold 600,155 (14) 600,155 (14) 0 * -
Total 7,980,369 7,930,369 50,000 5.39 % *