BlueCrest Senior Gas Trader, Analysts Depart as Prices Whipsaw
(Bloomberg) -- BlueCrest Capital Management’s senior natural gas trader Alex Watson and several analysts have left the firm as extreme price moves in markets dented profitability, people familiar with the matter said.
The departures followed losses linked to positions on the spread between UK and European gas futures for March delivery, the people said.
As freezing temperatures gripped much of the northern hemisphere, supercharging demand for heating, the spread between the two markets widened significantly. The price action exacerbated a rocky start to the year for hedge funds and other financial traders already coping with renewed geopolitical risks. Implied volatility in Europe’s benchmark gas futures — a measure of the cost of options on the contracts — has more than doubled since the start of 2026.
BlueCrest declined to comment. Watson did not respond to multiple requests for comment.
Watson was previously the head of natural gas trading at EDF Trading and joined BlueCrest in October 2023, according to his LinkedIn profile. About half a dozen analysts who worked closely with Watson have also left, three people familiar with the matter said.
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