By September 21, 2006, Amaranth had lost roughly $4.942 billion over a 3-week period or one half of its assets primarily due to its activities in natural gas futures and options in September. On September 14 alone, the fund lost $681 million from its natural gas exposures. Shortly thereafter, Amaranth funds were being liquidated. This paper uses data obtained by the Senate Subcommittee on Investigations through their subpoena of Amaranth, the New York Mercantile Exchange (NYMEX), the Intercontinental Exchange (ICE), and other sources to analyze exactly what caused this spectacular hedge fund failure