Oil price volatility, credit constraints and the Lehman collapse has all badly affected liquidity further out on the gas curve. As a consequence, the summers lack shape and have been trading near flat with Summer ‘09 and Summer ‘13 trading around 80p/therm for nearly the past month. It is obvious that the market has been focusing its attention on the spot market and near seasons but has credit lines improve and confidence returns, its is certain the market will review the summer contracts’ relative positions although it will continue to take its lead from oil where the curve is in contango. It would seem that the little liquidity that has leaked through is already feeding with Summer ’13 closing last week at 3.7p/therm above Summer ’09.