Goldman's Losing Bet on Gas Said to Hurt Second-Quarter
- Loss was more than $100 million, Wall Street Journal reports
- Commodities unit posted worst quarter since firm went public
This article is for subscribers only.
Goldman Sachs Group Inc. lost money trading natural gas in the second quarter, one reason its commodities business posted the worst financial results since the firm went public in 1999.
The loss resulted from failing to properly hedge bets on the direction of gas prices, and was one of several areas in which the business suffered, a person familiar with the matter said, asking not to be identified discussing non-public information.