Energy fortunes tied to global economy


The global energy markets experienced a paradigm shift in 2008. The asset inflows that sustained the long commodities bull run of the past decade reversed sharply on fears of a deep and sustained worldwide economic downturn.

The speculative money left the market in haste and the price of many commodities, including energies like oil and gas, tumbled below their production and replacement cost.

The double whammy of the commodities crash and the turmoil in global equity markets sent energy hedge f