Infinity Insights - Volume 12, Issue 37

AT-A-GLANCE SUMMARY

Support for spot month NYMEX natural gas (November) has held in the mid-$6 area.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (November) support at 6.50 area then 5.50 with resistance at 7.00 then 7.50. Calendar year 2023 finds support at 5.40 with resistance at 6.75. Calendar year 2024 has support at 4.50 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 (November) closed off by $0.295 at $6.453
Compared to last Friday’s close

Cal 2023
Calendar 2023 settled up by ≈$0.1025 at $5.5175

Cal 2024
Calendar 2024 ended higher by ≈$0.05 at $4.70

The “Widow Maker” 2023

Volatility…

OUR TAKE ON THE MARKETS 

NYMEX Natural Gas
Support for spot month NYMEX natural gas (November) has held in the mid-$6 area. As the chart below shows, two weeks plus of sideway action suggests a move up, timely as cold weather forecasted for next week.

The back of the curve has likewise stabilized, notionally waiting for the next push. In each instance, weather is the key. Should spot support fail, $5.50 is next very important support.

Some industry folks are looking to the mid-term elections as key to price direction, but we note that the election comes just as winter sets in, a risk we choose to avoid. Winter weather will lead the way, both domestically and globally.

WHOLESALE POWER

ERCOT

The direction determined by natural gas.

PJM

The direction determined by natural gas.