While the nation's ballooning financial crisis has forced many gas trading counterparties to the sidelines - leading to considerable market volatility - overall liquidity has not significantly dried up as creditworthy traders flood toward exchange-hosted clearing, according to industry experts and an analysis of trading data.But the credit crunch clearly has affected gas trading to some extent. While data shows a year-over-year increase in futures volumes in recent months, the numbers, as well as anecdotal information from physical and financial players, also suggests that cash and financial basis markets - especially already illiquid ones - are bearing the brunt of the impact of the credit crunch.
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