Infinity Insights - Volume 11, Issue 22

AT-A-GLANCE SUMMARY
NYMEX spot month natural gas rolls from July to August on Monday. $3.40 remained significant resistance until Thursday when prices moved higher.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (August) support is 3.20 with resistance at 3.80. Calendar year 2022 finds support at 3.00 with resistance at 3.20. Calendar year 2023 has support at 2.70 with resistance at 2.95.

Roadmap
NYMEX natural gas spot month (August) finished at $3.496, $0.281 better.

Calendar 2022
Calendar 2022 settled higher by ≈$0.125 at $3.08.

Cal 2023
Calendar 2023 closed ≈$0.035 up at $2.75.

OUR TAKE ON THE MARKETS

NYMEX Natural Gas

NYMEX spot month natural gas rolls from July to August on Monday. $3.40 remained significant resistance until Thursday when prices moved higher. 3.20 remains as significant support. The strength of the market is reflected in the calendar strips 2022 and 2023 as they make new highs. As stated in earlier posts, we see no reason for prices to weaken and, in fact, look for new highs.

WHOLESALE POWER

ERCOT
As natural gas is bullish so is power. Both heat rates and natural gas remain on their highs and we expect firmer numbers to come.

PJM

Power prices continue strong with natural gas leading the way.