In 2006, Hunter's analysis led him to believe that 2006–07 winter's gas prices would rise relative to the summer and fall — accordingly Hunter went long on the winter delivery contracts, simultaneously shorting the near (summer/fall) contracts. When the market took a sharp turn against this view, the fund was hard pressed for margin money to maintain the positions. Once the margin requirements crossed USD 3 billion, around September 2006, the fund offloaded some of these positions, ultimately selling them entirely to JP Morgan and Citadel for USD 2.5 billion. The fund ultimately took a $6.6-billion loss and had to be dissolved entirely.