Infinity Insights - Volume 13, Issue 13

AT-A-GLANCE SUMMARY

Natural gas continues to drift lower.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (May) support at 2.00 with resistance at 3.25. Calendar year 2024 finds support at 3.40 with resistance at 4.00. Calendar year 2025 has support at 4.20 with resistance at 4.65.

Roadmap

NYMEX natural gas spot month (May) finished down by $0.145 at $2.216

Compared to close last Friday

Cal 2024
Calendar 2024 ended lower by ≈$0.0425 at $3.7625

Compared to close last Friday

Cal 2025
Calendar 2025 settled off by ≈$0.0075 at $4.155

Compared to close last Friday

The “Widow Maker”

2024

Volatility…

OUR TAKE ON THE MARKETS

NYMEX Natural Gas

Natural gas continues to drift lower. Lack of demand (no weather) is the driver. The $2 level is technically significant. The back of the curve is holding support albeit tenderly. Given the drama of the price drop, the current levels are attractive.

WHOLESALE POWER

ERCOT

Heat rates have offset natural gas price drop.

PJM

Price follows natural gas.