Banks take shelter in derivatives

Summer came early to New York this year. On April 16 the temperature rose to 91º Fahrenheit (33º Celsius). For the first time in what promises to be – according to a local headline – “a long, hot ‘La Niña” summer season for much of the North American continent, millions of air conditioners were switched on.

Across the Atlantic, another aspect of energy consumption was occupying the minds of natural gas-sector bosses. In Hanover, Germany, gas pipeline owners and users had just failed once agai

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