Goldman Sachs moved into the gas merchant business in 2010.
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Goldman Sachs has quietly overtaken Chevron and ExxonMobil to become one of the biggest natural gas merchants in North America, expanding in physical commodities trading even as other banks pull back.Goldman is now the seventh-largest gas marketer in North America, according to Natural Gas Intelligence.Goldman has grown the business even as banks await fresh rules on handling physical commodities such as oil, gas and aluminium. The Federal Reserve has said lethal gas explosions illustrate the risks banks face.Goldman moved into the gas merchant business when it acquired the North American natural gas marketing operations of Nexen, a Canadian oil company, in 2010 .The proposed agreement deviated from the norm in that it required Goldman to keep gas stored for 12 months until March 2017, then withdraw it in April 2017 .Only Australia-based Macquarie, which is not overseen by the Fed, maintains a bank-owned North American gas business bigger than Goldman's.Underscoring its commitment, Goldman recently completed a deal to deliver gas to a rural district of Alabama for the next 30 years.
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