Infinity Insights - Volume 12, Issue 33

AT-A-GLANCE SUMMARY

NYMEX natural gas spiked higher Wednesday in reaction to pending rail strike and then gave up its gain on Thursday when the strike threat ended.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (October) support at 7.50 with resistance at 8.50. Calendar year 2023 finds support at 5.40 with resistance at 6.75. Calendar year 2024 has support at 4.80 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 (October) settled lower by $0.232 at $7.764

Compared to last Friday’s close

Cal 2023
Calendar 2023 settled higher by ≈$0.055 at $5.92

Cal 2024
Calendar 2024 closed up by ≈$0.1125 at $5.1225

The “Widow Maker” 2023

Volatility…

OUR TAKE ON THE MARKETS 

NYMEX Natural Gas
NYMEX natural gas spiked higher Wednesday in reaction to pending rail strike and then gave up its gain on Thursday when the strike threat ended. The takeaway we have from this action is that natural gas is a nervous market that reacts with volatility both up and down. Procurement opportunities are found in sell offs.

WHOLESALE POWER

ERCOT

Power prices continue to follow natural gas.

PJM

Power prices continue to follow natural gas.