Mercuria Says It Lost Millions When Gas Trader Inflated Position

Mercuria Energy Group Ltd. says a former head of one of its US natural gas trading teams misreported transactions in 2024, resulting in “tens of millions of dollars” in losses for the commodity trading firm.

Jimmy Powers filed misleading data related to Mercuria’s gas trading positions, the firm said in a previously unreported lawsuit it filed in state court in Houston earlier this year. Powers led Mercuria’s South Gas Trading team for more than two years before he was fired in October, according to court documents.

Mercuria sued Powers for breach of contract, accusing him of mismarking the value of ...