Infinity Insights-Volume 10, Issue 33

AT-A-GLANCE SUMMARY

September NYMEX natural gas expired above 2.50 , with the new spot month (October) rolling in at 2.70.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (October) has support at 2.50 with resistance at 3.00.
Calendar year 2021 finds support at 2.80 with resistance at 3.00. Calendar year
2022 has support at 2.55 with resistance at 2.75.

Roadmap
NYMEX natural gas spot month (October) closed at $2.657, $0.084 higher
versus the close of last Friday.

Calendar 2021
Calendar 2021 finished at $2.94, ≤$0.0275 higher versus last Friday.

Calendar 2022
Calendar 2022 settled at $2.6375, ≤$0.0075 lower versus last Friday

OUR TAKE ON THE MARKET

NYMEX Natural Gas

September NYMEX natural gas expired above 2.50 with the new spot month (October) rolling in at 2.70. Action is bullish. Prices are over-bought so retreat to 2.50 then 2.30 a possibility with resistance at 3.00. Calendar strips 2021 and 2022 continue to make new highs looking at resistance at 3.00 and 2.65 respectively.
 
WHOLESALE POWER

ERCOT

Heat rates have moved sideways to lower offsetting partially the strength in natural gas. LMP prices are in 30ish area.

PJM

Higher natural gas prices have translated to higher power prices.