Bloomberg – The Cumulus Energy Fund gained 46 percent this year through July, beating the returns of 10 of its peers after anticipating rainy weather in Scandinavia would increase hydropower supplies and lower prices.

The $41 million fund’s appreciation surpassed profits of 1.2 percent or less during the same period at similar hedge funds in Europe’s power, natural gas, coal and emissions markets surveyed by Bloomberg. Profits eluded managers because swings in energy prices are about half of last year’s changes, reducing trading opportunities.

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Tags: energy prices, energy-fund, hedge funds, natural gas

Bloomberg – John Hyland, chief investment officer for the world’s largest exchange-traded fund in natural gas, said assertions that his company helped drive up energy prices were ”self-serving statistical gibberish.”

”Any time someone tells you that common sense tells you something, that just means they don’t have the data to support it,” Hyland said in testimony today before the Commodity Futures Trading Commission.

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Tags: assertions, bloomberg, chief-investment-officer, commodity futures trading, commodity-futures-trading-commission, common sense, energy prices, exchange traded fund, futures-trading-commission, gibberish, natural gas, rsquo, testimony