Energy traders emerged from the progressive implosion of the integrated energy company model and development of the energy spot market that began in the 1970s.1 Trading houses have kept a remarkably low profile while becoming at the same time a formidable force in the global energy sector. Traders match energy supply and demand by purchasing, reselling, and moving commodities (crude oil and refined products, natural gas, coal, and even electricity) across the globe. Today, energy traders find themselves subject to increased public and regulatory scrutiny. This development appears to result in part from the increasingly close ties between energy traders and the financial sector and the major trading houses’ recent strategy to move beyond their traditional market activities into the purchase and operation of high-profile productive and logistical assets. This evolution from mere middlemen to vertical integration is profoundly reshaping the industry, boosting profitability but also requiring massive capital investments and drastic changes in the trading houses’ business models. Most importantly, the acquisition and operation of these productive assets also dramatically changes the types of disputes trading companies may face. As a result, they need to adapt and proactively manage their litigation strategies.