One of the suggested choices in this email correspondence is to increase their positions (choice #2), which some were suggesting. In fact, after this email correspondence, Amaranth modified their natural gas future positions over the next few days. Although it is difficult to quantify in a single number exactly what they did, the total number of absolute NYMEX natural gas equivalent contracts did increase from around 462,992 on September 7, 2006 to 508,923 on September 13, 2006. Thus, the additional losses of Amaranth in these days were partly due to increasing the actual exposure to natural gas futures contracts, partly due to modifying the positions
One of the suggested choices in this email correspondence is to increase their positions (choice #2), which some were suggesting. In fact, after this email correspondence, Amaranth modified their natural gas future positions over the next few days. Although it is difficult to quantify in a single number exactly what they did, the total number of absolute NYMEX natural gas equivalent contracts did increase from around 462,992 on September 7, 2006 to 508,923 on September 13, 2006. Thus, the additional losses of Amaranth in these days were partly due to increasing the actual exposure to natural gas futures contracts, partly due to modifying the positions
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