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  • Sep 20, 2025

Bank of Montreal's Natural Gas Disaster: $850 Million Gone

You would think that after Amaranth blew up and lost $6 billion on natural gas, every bank and fund on the planet would have gotten the message. Natural gas is dangerous. Do not bet the house on it. But no. Just six months later, one of Canada’s oldest and biggest banks walked straight into the same wall. Chapter 28 of Torsten Dennin’s “From Tulips to Bitcoins” tells how the Bank of Montreal lost $850 million on natural gas trades and tried to cover it up.

Bank of Montreal's Natural Gas Disaster: $850 Million Gone

You would think that after Amaranth blew up and lost $6 billion on natural gas, every bank and fund on the planet would have gotten the message. Natural gas is dangerous. Do not bet the house on it. But no. Just six months later, one of Canada’s oldest and biggest banks walked straight into the same wall. Chapter 28 of Torsten Dennin’s “From Tulips to Bitcoins” tells how the Bank of Montreal lost $850 million on natural gas trades and tried to cover it up.

  • Aug 09, 2025

The Amaranth Disaster: How One Trader Lost $6 Billion on Natural Gas

“Amaranth” is Greek for “imperishable.” The flower that never fades. Somebody at the hedge fund picked that name on purpose, imagining a fund that would last forever. Instead, Amaranth Advisors became the biggest hedge fund collapse since Long-Term Capital Management in 1998. Two-thirds of its capital gone in two weeks. Six billion dollars, vanished on natural gas bets. Chapter 22 of Torsten Dennin’s “From Tulips to Bitcoins” tells this story.

The Amaranth Disaster: How One Trader Lost $6 Billion on Natural Gas

“Amaranth” is Greek for “imperishable.” The flower that never fades. Somebody at the hedge fund picked that name on purpose, imagining a fund that would last forever. Instead, Amaranth Advisors became the biggest hedge fund collapse since Long-Term Capital Management in 1998. Two-thirds of its capital gone in two weeks. Six billion dollars, vanished on natural gas bets. Chapter 22 of Torsten Dennin’s “From Tulips to Bitcoins” tells this story.

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