Infinity Insights - Volume 13, Issue 14

AT-A-GLANCE SUMMARY

The natural gas curve is trading sideways, waiting for the next shoe to drop.

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 3.85 with resistance at 4.35.

Roadmap

NYMEX natural gas spot month (May) closed down by $0.10 at $2.11

Compared to close Friday, March 31st

Cal 2024
Calendar 2024 ended lower by ≈$0.1725 at $3.59

Compared to close Friday, March 31st

Cal 2025
Calendar 2025 settled off by ≈$0.2475 at $3.9075

Compared to close Friday, March 31st

The “Widow Maker”

2024

Volatility…

OUR TAKE ON THE MARKETS

NYMEX Natural Gas

The natural gas curve is trading sideways, waiting for the next shoe to drop. $2 remains key support for spot month and the back calendar strips hold recent levels. The 30,000-foot view is one of consolidation at current levels for the back of the curve while the front will suffer from lack of demand. The lows past Calendar 2025 look solid unless weather stays flat. We recommend locking in current values.

WHOLESALE POWER

ERCOT

Heat rates continue strong.

PJM

Prices follow natural gas.