Infinity Insights - Volume 12, Issue 27

AT-A-GLANCE SUMMARY

Spot month natural gas (September) spiked to old highs and failed.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (September) support at 7.00 with resistance at 8.50 then 9.50. Calendar year 2023 finds support at 5.00 with resistance at 6.00. Calendar year 2024 has support at 4.20 with resistance at 5.50.

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

Roadmap

NYMEX natural gas spot month (September) settled higher by $0.034 at $8.229

Cal 2023
Calendar 2023 ended off by ≈$0.10 at $5.385

Cal 2024
Calendar 2024 settled down by ≈$0.0675 at $4.6375

The “Widow Maker” 2023

Volatility…

OUR TAKE ON THE MARKETS 

NYMEX Natural Gas

Spot month natural gas (September) spiked to old highs and failed. The action has the possibility of being a buying climax, one that signals at least a short-term reversal. Prices rallied $4 since hitting $5.50. The volatility found in the front of the curve may offer a heat rate opportunity if the load size justifies the effort and the load is properly vetted for suitability. Prices from January 2024 out are not that volatile in comparison and buying near $4 remains our recommendation.

WHOLESALE POWER

ERCOT

Following natural gas.

PJM

Following natural gas.