A hedge fund has made a large, eye-catching bet that natural gas prices will triple by winter just as the price of the commodity slides to a seven-year low.
Traders took notice last week when the as-yet-undisclosed fund spent millions for the right to buy US natural gas at $10 (€7) per million British thermal units in January and February, up from today's spot level just above $3 per mBtu.
“This is the first bullish play I've seen in quite a while,” said Raymond Carbone, president of Paramount Options on the New York Mercantile Exchange floor. “It caught the eyes of people in the [options] ring.”
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