These seem like dark days for energy trading and risk management. But amid grisly headlines of poor liquidity and banks beating a retreat from the market, it's a good time to take stock.
Oil is the world's most heavily traded commodity, but even a mere 30 years ago, it lacked the gargantuan financial interest it enjoys today. Back then, markets in other energy commodities were even less developed; the idea of traded natural gas and electricity markets seemed little more than a pipe dream. During