TheSenate’sPermanentSubcommitteeonInvestigationsreport(2007a)providedadetailedaccount of Amaranth’s natural gas positions on a daily basis throughout 2006. Amaranth’s positions in natural gas involved trades in various types of contracts, including futures, swaps, and options. Their trades also amounted to a collection of many spread trades whose return depended on the movement of natural gas futures price all the way out until 2011. It is difficult to classify a large group of trades into one simplified strategy, but for the most part, the complex combination of