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Natgas venture by ex-Morgan Stanley traders seals first deal

Oct 20 A novel U.S. natural gas venture launched by former Morgan Stanley trading executives has secured its first major deal, allowing it to capitalize on seasonal supply shortages in pockets of the Northeast.

A large oil and gas company has agreed to buy as much as 90 billion cubic feet of compressed natural gas over five years, the new company, Pentagon Energy, said in a statement. The gas will be shipped by truck from a CNG station in the heart of the Marcellus shale gas field to power plants across the Northeast. Pentagon declined to name the buyer of the gas.

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