Infinity Insights - Volume 12, Issue 24

AT-A-GLANCE SUMMARY

Extreme weather continues to steer natural gas and power prices.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (August) support at 5.50 with resistance at 7.00. Calendar year 2023 finds support at 4.60 with resistance at 5.80. Calendar year 2024 has support at 4.20 with resistance at 4.80.

For a look at our monthly market reports, visit Infinity Power Partner’s Market Overview.

Roadmap

NYMEX natural gas spot month (August) finished down by $0.247 at $6.034 compared to Friday June 24th.

Cal 2023
Calendar 2023 ended off by ≈$0.175 at $4.8425
Compared to Friday June 24th

Cal 2024
Calendar 2024 closed down by ≈$0.115 at $4.495
Compared to Friday June 24th

The “Widow Maker” 2023

Volatility…

OUR TAKE ON THE MARKETS 

NYMEX Natural Gas

Extreme weather continues to steer natural gas and power prices. Record heat and drought increase demand. As this is only the beginning of summer, stresses on the grid will remain critical key to how prices move. Our expectations are for further push to the upside.

The technical picture for natural gas finds spot month through 2023 prices falling from $9.00+ to $5.50 where support found. The back of the curve (2024 out) has retreated to near $4 support. We encourage locking in the pullback.

WHOLESALE POWER

ERCOT

Prices continue to follow natural gas.

PJM

Prices continue to follow natural gas.