Infinity Insights - Volume 13, Issue 6

AT-A-GLANCE SUMMARY

The continuing collapse of natural gas prices finds spot month trading around $2.50 and the back of the curve slowly converging lower to spot pricing.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (March) support at 2.00 with resistance at 3.25. Balance of Calendar year 2023 finds support at 2.80 with resistance at 3.20. Calendar

year 2024 has support at 3.50 with resistance at 4.00.

For a look at our monthly market reports, visit Infinity Power Partner’s Market Overview.

Roadmap

NYMEX natural gas spot month (March) finished higher by $0.104 at $2.514

Compared to close last Friday

Cal 2023

Balance of Calendar 2023 ended up by ≈$0.0725 at $3.2775

Compared to close last Friday

Cal 2024

Calendar 2024 finished down by ≈$0.02 at $3.685

Compared to close last Friday

The “Widow Maker” 2024

Volatility…

OUR TAKE ON THE MARKETS 

NYMEX Natural Gas

The continuing collapse of natural gas prices finds spot month trading around $2.50 and the back of the curve slowly converging lower to spot pricing. The very bullish situation for U.S. producers after the Ukrainian invasion has failed due to unusually mild temperatures and lack of fireworks in Europe.

Again, natural gas surrenders gains after a bullish buildup. In this instance, the timing is problematic with winter ending. Spring is usually the weakest for natural gas without unique influences. Our guess is waiting on lower prices in the back as a prudent strategy.

WHOLESALE POWER

ERCOT

Natural gas leads the way lower.

PJM

Natural gas leads the way lower.