Barcap trims SemGroup's hedge
Investment bank Barclay's Capital has moved to limit the counterparty exposure of several Futures Commission Merchants (FCMs) to the bankruptcy of Tulsa, Oklahoma-based midstream oil company SemGroup.
SemGroup, which claims to be the 14th largest private company in the US, made a $2.4 billon loss on its hedging programme on the New York Mercantile Exchange (Nymex), selling short positions on futures to hedge its 500,000 barrels-per-day exposure against a fall in crude prices. The company was
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