Infinity Insights – Volume 8, Issue 22

AT-A-GLANCE SUMMARY

Spot month (July) NYMEX natural gas found selling above $3.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (July) has support at 2.90 then 2.85 with resistance at 3.00. Calendar year 2019 has support at 2.77, then 2.72 with resistance at 2.85. Calendar year 2020 has support at 2.65 with resistance at 2.72.For a look at our monthly market reports, visit Infinity Power Partner’s Market Overview.

Roadmap

NYMEX natural gas spot month (July) fell by $0.0770, closing at $2.945.

1

What’s This? – The “Roadmap” is the price action chart depicting the NYMEX natural gas spot month. It’s important because it is essentially the trading community’s market sentiment.

Cal 19

Calendar 2019 closed at $2.8075, lower by ≈$0.025.

2

What’s This? – “Cal 19” is the first complete 12-month strip. It gives you a visual of price action and provides a reference point for our take on the market.

Cal 20

Calendar 2020 was softer by ≈$0.005 at $2.6775.

3

What’s This? – “Cal 20” is the second complete 12-month strip. It gives you a visual of price action and provides a reference point for our take on the market.

OUR TAKE ON THE MARKET

4

Spot month (July) NYMEX natural gas found selling above $3. We sense that the selling didn’t have the feel of new shorts, but rather like profit taking. Open interest numbers and other statistical studies indicate that this interpretation has substance:Coincidentally, temperatures moderated while wet weather cut into summer heat. This apparently is ending and the thermometer is again climbing. We suspect that prices will as well.