Thus, although not every winter contract was held long and
not every non-winter month was held short, the Amaranth
actual positions on August 31, 2006 seemed to be consistent
with a long winter and short non-winter spread trade in natural
gas using a combination of NYMEX futures, swaps, and
options, as well as ICE natural gas swaps.
Thus, although not every winter contract was held long andnot every non-winter month was held short, the Amaranthactual positions on August 31, 2006 seemed to be consistentwith a long winter and short non-winter spread trade in naturalgas using a combination of NYMEX futures, swaps, andoptions, as well as ICE natural gas swaps.
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