Infinity Insights – Volume 9, Issue 17

AT-A-GLANCE SUMMARY

Spot month NYMEX natural gas continued trading between 2.50 and 2.65ish

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (June) has support at 2.50 with resistance at 2.65. Calendar year 2020 has support at 2.65 with resistance 2.74. Calendar year 2021 has support at 2.62 with resistance at 2.69.For a look at our monthly market reports, visit Infinity Power Partner’s Market Overview.

RoadmapNYMEX natural gas spot month (June) ended the week $0.052 higher at $2.619.

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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 20Calendar 2020 settled ≈$0.03 higher at $2.715.

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What’s This? – “Cal 20” 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 21Calendar 2021 ended unchanged at $2.635.

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What’s This? – “Cal 21” 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

Spot month NYMEX natural gas continued trading between 2.50 and 2.65ish. Several indicators are pointing to the bull side for the entire curve. Action isn’t dramatic but telling in that material significance of this price level holds. An interesting sidebar is double bottoms (and tops) typically hold and triple bottoms (and tops) typically fail. There’s exception, of course, so file this in the “maybe” column.ERCOT wholesale power continues steady with prices highest in the front and progressively lower as one goes out in time. We are of the opinion that this trend will continue.