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Not at all. The Houston energy office of JPM is what used to be Bear Energy, the energy trading subsidiary of Bear Stearns. It's about 200 people strong with roughly half FO and half BO positions. They handle amost all of JPM's physical nat gas and power trading as well as coal, emmissions, structured products and principal investments.

There are plenty of major trading floors in Houston for banks along with literally dozens of trade floors from energy/oil companies and hedge funds. This has been discussed many times on this site...

 

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