Traders did very little on Friday with few trades, across the curve and with oil marginally up on the day, the gas, emissions and power all followed with small rises. Perhaps interestingly the week has been bearish and if oil continues to trickle down the gas and power markets will follow. Friday looked to be a slight adjustment in the downward trend with nothing fundamentally changing. More gas in storage, than this time last year and more chance of demand being met by supply. (There appears to be less chances of NISM's (Notices of Insufficient Margin) being called which happened last year). It is only the traders and the market which needs to adjust to low volatility being the standard. This will eventually feed into the curve and normal trading cycles will resume. The fears of a rocket like rise are still there but traders traditionally have short memories and that will mean that in a couple of months the highs of July will be all but forgotten.