"No more impact than a winter storm" – such was one trader's assessment of the disruption caused to natural gas markets by the Chapter 11 bankruptcy filing by Houston-based energy giant Enron in early December. But the after-effects may last a lot longer.
After some initial price disruption, liquidity in Enron's core US markets – natural gas and power – seems largely unaffected by the problems of the single largest trader in those sectors. "Liquidity has fallen, and that has led to some increase
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