20060920 It is strange coincidence that we see 'big' players on the wrong side of any super spikes. First it was CAO(China Aviation Oil) who were caught short on crude oil move up, now we see Amarnath, who reveal long positions in Natural Gas uncerwater. Coincidence? I reckon it is the market squeezing them, either by some information leak or some insider trading. Most like Amarnath took OTC positions in the Natural Gas, because there is no way that they can hold the position size to incur the losses, without Nymex being aware of it. 

Crude Oil futures chart