From the withdrawal of many investment banks and the resulting issues of credit and liquidity, to uncertainty surrounding the regulatory environment, energy markets have not been for the faint-hearted.

Supply and demand dynamics have also continued to surprise, with US natural gas prices remaining low and the WTI/Brent disconnect becoming larger than ever.

For those able to hold on in there, however, the energy markets have proved lucrative. The players that have reaped recent rewards have also