How Bad Did Saracen Get Crushed By Natural Gas Swings?

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More than two weeks ago we mentioned that wild swings in the price of natural gas futures were crushing a Houston-based hedge fund. That fund turned out to be Saracen Energy. The fund supposedly took a short position in March 2009 gas futures and long April 2009, and got crushed between the trades as the prices fluctuated wildly.
So how much did Saracen lose? Reuters put the losses at $400 million. Platts had said $700 million. Now Energy Hedge, a hedge fund newsletter, reports that the fund may have lost 41% of its assets in the trade. According to a 2006 report, Saracen had a market value of $1.4 billion. The newsletter notes that Centaurus is also said to have lost money on natural gas trades this winter.
Dillon Panthers’ head coach Eric Taylor declined to comment about whether Saracen would be fit to play in the state finals.

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