Infinity Insights - Volume 12, Issue 22

AT-A-GLANCE SUMMARY

An explosion at Freeport LNG facility precipitated a dramatic fall in spot month price.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (July) support at 6.50 with resistance at 8.00. Calendar year 2023 finds support at 5.20 with resistance at 6.75. Calendar year 2024 has support at 4.60 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 (July) ended down by $1.906 at $6.944 compared to last Friday.

Cal 2023

Calendar 2023 closed off by ≈$0.1.14 at $5.3625.

Cal 2024

Calendar 2024 settled lower by ≈$0.5225 at $4.775.

The “Widow Maker” 2023

 Volatility…

OUR TAKE ON THE MARKETS

NYMEX Natural Gas

An explosion at Freeport LNG facility precipitated a dramatic fall in spot month price. The natural gas supply destined for LNG will likely go into storage. Sources say that the outage might last to end of year. This action puts an exclamation point on volatility.

We remain bullish for the back of the curve even though it also pulled back. The front and its volatility, on the other hand, is something to avoid if possible.

WHOLESALE POWER

ERCOT

Prices remain strong.

PJM

Prices continue to follow natural gas.