Chris Foster, one of Citadel’s leading natural gas traders, is leaving his trading position after almost 20 years at Ken Griffin’s hedge fund, the Financial Times reported. He will remain at the firm as a senior adviser.
Foster will advise Sebastian Barrack, who runs Citadel’s commodities operation, while Stephen Carter and Adam Frame, both hired by Foster, continue to oversee the European natural gas trading team, which they have led since last year.
Foster played a central role in turning Citadel’s European natural gas desk into one of its most important profit centers. The team capitalized heavily on the volatility that followed Russia’s invasion of Ukraine in 2022, when European gas prices soared and market dislocations created lucrative opportunities.
Citadel’s commodities division generated an estimated $8 billion in profit that year, including roughly $2 billion attributed to Foster’s team. Griffin said in 2023 that the commodities business had generated around $30 billion for Citadel over its history.
Foster’s transition comes as energy markets enter another volatile stretch. Oil and gas prices have climbed sharply since the Iran war began earlier this year, with developments in the US-Iran conflict repeatedly triggering large price swings. European natural gas prices reached a three-year high this week after a fresh escalation.
