Infinity Insights - Volume 10, Issue 36

AT-A-GLANCE SUMMARY
NYMEX spot month natural gas (November) traded in large swings this past week.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (November) support is 2.70 with resistance at 3.00. Calendar year 2021 finds support at 2.75 with resistance at 3.00. Calendar year 2022 has support at 2.55 with resistance at 2.70.

Roadmap

NYMEX natural gas spot month (November) finished at $2.807, $0.174 higher versus the close of last Friday.

Calendar 2021
Calendar 2021 closed at $2.9725, ≤$0.0275 better versus last Friday

Calendar 2022
Calendar 2022 ended at $26475, ≤$0.0025 firmer compared to last Friday

OUR TAKE ON THE MARKET

NYMEX Natural Gas

NYMEX spot-month natural gas (November) traded in large swings this past week. Tropical Storm Beta, changing winter forecasts, and questions about last week’s storage report are mentioned as the main influences.
 
Technically, prices look to go higher. 3.00 level is big resistance but the contangoed configuration (next month premium to the front) of the front of the curve has higher prices built-in. Calendar strips 2021 and 2022 remain steady at their highs.
 
WHOLESALE POWER

ERCOT

Power prices are steady but natural gas strength continues to be mitigated by softer heat rates.

PJM

Prices steady with natural gas firmness.

Stay Safe!