Citadel natural gas trader Chris Foster is stepping down from his trading role at Ken Griffin’s hedge fund after almost two decades, as renewed volatility across European energy markets creates a challenging backdrop for the firm’s commodities business, according to a report by the Financial Times.
Foster will remain at Citadel as a senior adviser to Sebastian Barrack, who heads the hedge fund’s commodities operation. Stephen Carter and Adam Frame, both hired by Foster, have led the European natural gas trading team since last year.
Foster has been instrumental in building Citadel’s European natural gas operation into one of the hedge fund’s key sources of returns. His team was particularly successful during the energy crisis triggered by Russia’s invasion of Ukraine in 2022, when European gas prices surged and market volatility created significant opportunities for specialist traders.
Citadel’s commodities business generated an estimated $8bn in profits in 2022, with European natural gas accounting for a substantial portion of the gains. Foster’s team alone was estimated to have generated around $2bn that year.
The performance cemented commodities as one of Citadel’s most profitable trading areas. Griffin said in 2023 that the commodities operation had generated about $30 forbn the hedge fund over its history.
The leadership transition comes at another turbulent point for energy markets.
Oil and gas prices have risen sharply since the outbreak of the Iran war earlier this year, with repeated shifts in the conflict between the US and Iran producing substantial price swings. European natural gas prices reached a three-year high this week following a renewed escalation.
Despite the favourable trading environment created by volatility, Citadel’s commodities returns have been more subdued recently. The division recorded less spectacular results in 2025 and the first part of 2026 compared with its exceptional performance during the 2022 energy crisis.
