Hard on commodities

Hedge funds

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Losses racked up by Greenwich-based hedge fund Amaranth Advisors have hammered home just how precarious the natural gas markets can be. The firm lost more than $6 billion after a series of natural gas derivatives positions, including spreads, went askew in September. And Amaranth is not alone. Earlier this year, MotherRock, a New York-based hedge fund, was also forced to close after incurring significant losses in the natural gas market.

This has prompted some analysts to question the wisdom