Infinity Insights - Volume 10, Issue 39

Written By Guest User

AT-A-GLANCE SUMMARY
Spot NYMEX natural gas (November) continued its “bouncing ball” trade between 2.40 and 3.00.

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 3.00 with resistance at 3.25. Calendar year 2022 has support at 2.60 with resistance at 2.80.

Roadmap

NYMEX natural gas spot month (November) finished the week at $2.773,  $0.032 better compared to last Friday’s close.

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Calendar 2021
Calendar 2021 settled $0.0925 higher at $3.08. 

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Calendar 2022
Calendar 2022 closed at $2.7225, ≤$0.08 better than last Friday

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OUR TAKE ON THE MARKET


NYMEX Natural Gas

Spot NYMEX natural gas (November) continued its “bouncing ball” trade between 2.40 and 3.00. It is not for the faint of heart. Further along the forward curve, prices make new highs. The difference in price activity is speculative for the front and a steady climb higher for the back. We see no indication that this will change.
 
Technically, the forward calendar year strips are “backwardated” (meaning that front values trade premium to back). The chart, below, paints the picture. Our expectation is for the back to converge higher to the front.

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Volatility is expected to be highest up front, Note that the back strips are close to all-time lows.

WHOLESALE POWER

ERCOT

Natural gas has lead prices higher.

PJM

Natural gas has lead prices higher.

 Stay Safe!









Guest User
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