Infinity Insights - Volume 10, Issue 38

AT-A-GLANCE SUMMARY
The front of the NYMEX natural gas curve spiked higher on the opening Friday in reaction to Hurricane Delta approaching landfall.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (November) support is 2.40 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 2.70.

Roadmap

NYMEX natural gas spot month (November) closed higher at $2.741, $0.303 firmer
versus the close of last Friday   

Calendar 2021
Calendar 2021 finished at $2.99 ≤$0.135 higher versus last Friday

Calendar 2022
Calendar 2022 settled at $2.64, ≤$0.03 up compared to last Friday

OUR TAKE ON THE MARKET

NYMEX Natural Gas

The front of the NYMEX natural gas curve spiked higher on the opening Friday in reaction to Hurricane Delta approaching landfall. As mentioned in earlier “Insights”, such a market reaction is expected even though the event is almost always bearish.
 
Spot NYMEX natural gas (November) continued its sideways trade between 2.40 and 2.80. The back of the curve has likewise been treading water off of the highs. Lots of input from hurricane threat to the presidential election. Technically, prices are closer to resistance than support with the spot continuation chart depicting a market on its high looking for the next shoe to drop (likely weather).

The next several weeks will be telling.
 
WHOLESALE POWER

ERCOT

Power prices continue to follow natural gas’ path.

PJM

Power prices continue to follow natural gas’ path.

Stay Safe!