Infinity Insights - Volume 13, Issue 29

AT-A-GLANCE SUMMARY

Natural gas traded defensively over the past week.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (October) support at 2.50 with resistance at 3.10. Calendar year 2024 finds support at 3.40 with resistance at 4.00. Calendar year 2025 has support at 3.90 with resistance at 4.35.

Roadmap
NYMEX natural gas spot month (October) finished off by $0.034 at $2.657
Compared to close of last Friday

Cal 2024
Calendar 2024 ended down by ≈$0.025 at $3.6375
Compared to close of last Friday

Cal 2025
Calendar 2025 settled up by ≈$0.0125 at $3.90
Compared to close of last Friday

The “Widow Maker”

2024

Volatility…

OUR TAKE ON THE MARKETS

NYMEX Natural Gas

Natural gas traded defensively over the past week. Soon-to-expire September broke support at $2.50 on Thursday but quickly recovered. Price action demonstrates a reluctance to trade below $2.50 or above $3.00. The back of the curve likewise trades sideways without any indication of changing this pattern. Our interpretation is that of a market waiting for the next shoe to drop. We continue to expect an eventual movement higher and consequently counsel procurement at current levels.

WHOLESALE POWER

The other curve of wholesale power, heat rate, has drifted lower from the summer peaks with the exception of August ERCOT.