Infinity Insights – Volume 9, Issue 19

AT-A-GLANCE SUMMARY

Last Friday, spot month NYMEX natural gas (July) broke support at the close. This weakness has followed through this week, approaching next support at $2.25.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (July) has support at 2.25 with resistance at 2.50. Calendar year 2020 has support at 2.60 with resistance 2.69. 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 (July) finished down $0.117 at $2.337.

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 closed ≈$0.03 lower at $2.61.

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 closed ≈$0.005 weaker at $2.6375.

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

Last Friday, spot month NYMEX natural gas (July) broke support at the close. This weakness has followed through this week, approaching next support at $2.25. Other indicators are likewise bearish. As the spot month weekly continuation chart depicts, support is fleeting.Given current front weakness, we expect the back of the curve to firm up, posing problems for those trying to lock lower numbers. Watch for opportunities.