He ramped up positions in time to catch the March downdraft and late April rebound, but like many of his peers misread May - a month when Europe’s festering debt crisis and global economic uncertainties roiled energy markets, including oil. The loss prompted cut Sasco to cut risk to its lowest level in 20 months. Prices surged 14 percent on June 14, the biggest one day-gain in three years.Įsse and his team of three traders took a 4 percent loss in February when gas edged up. But then cheap gas prompted demand from utilities opting to switch away from pricier coal for power generation, helping the market bounce nearly 45 percent from April’s lows.Īs traders struggle to pinpoint an equilibrium price, the market is kicking again. In the first quarter, record high inventories and the warmest winter on record drove prices to a 10-year low of $1.90 per million British thermal units. shale output that has squelched prices and volatility - until this year. I was fortunate enough to have been sitting in the right spot when some of that happened.” TRICKY MARKETSĬonsidered the world’s most volatile commodity for most of the past decade, natural gas has seen an unyielding surge in cheap U.S. “If you look at gas prices, we’ve had these bursts and blowouts over the last two decades.
WAS ESSE ICH HEUTE HOW TO
Still, the 45-year-old father of six - who grows his own vegetables and spends his free time teaching neighborhood kids how to make honey from the bee hives in his garden - prefers to think himself as more lucky than smart. This year, through May, two other gas-focused funds, both in Houston, are leading Sasco - Velite, which is up 25 percent and Sandridge, up 22 percent.īut the average energy fund tracked by New York’s eVestment Alliance is down nearly 4 percent, against Sasco’s 10 percent gain, putting Esse in the ranks of the industry’s best. Last year, Sasco, named for the street Esse lives on, was the second best-performing gas fund in the United States, gaining 25 percent as Esse’s bearish bet on gas paid off. Today, I’m really focused on every month,” he said. As long as at the end of the year it worked out, it was great. “Previously, I got paid at the end of the year. Unlike his days working for Enron and Sempra - two of the most renowned energy merchants, with large infrastructure and customers to help backstop their trading - hedge fund investors like upbeat results on a regular basis. While investors did not desert him because of September 2009, Esse also found that in his new environment, he did not have months to restore profits. My challenge was trying to understand how to move from being a proprietary trader on a desk to a portfolio manager at a hedge fund,” Esse said in the first media interview of his 23-year career. “We had a lot of volatility in the first year. Sasco fought to a 3 percent gain in 2008, only to risk losing it all the following September as natural gas prices kicked out of a long tailspin. He lost money twice this year, in February and in May, when the market surprised him by rebounding - often swiftly - from a 10-year low.īut compared with some energy fund giants, Sasco’s losses were small, the result, he says, of learning some hard lessons about risk in the early days of the fund, which opened on June 2008, before the worst financial crisis in generations. It is a rare double-digit gain in one of the industry’s most challenging years, marked by the retirement of billionaire gas trader John Arnold and the fall of several other commodity trading stars.Įsse’s run hasn’t come without stumbles. So far this year, Esse’s $625-million Sasco Energy Partners fund in Westport, Connecticut, is up 10 percent. 3:00, and this is accounted for above.Todd Esse, founder of Sasco Energy Partners LLC, is seen in the firm's Westport Connecticut office in this undated file photo.
Note that Daylight Saving Time ends on неділя 30 Жовтень 2022 p. Partial Solar Eclipse visible in Essen on 25 Жов Dates are based on the Gregorian calendar. Time is adjusted for DST when applicable. (See the note below this table for details) Note: hours shift because clocks change backward 1 hour.
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