Infinity Insights – Volume 9, Issue 27

AT-A-GLANCE SUMMARY

After making new low Friday, spot NYMEX natural gas rallied (it was oversold & at long term support), but couldn’t sustain it.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (September) has support at 2.10, with resistance at 2.32. Calendar year 2020 has support at 2.40 with resistance 2.50. Calendar year 2021 has support at 2.50 with resistance at 2.57.For a look at our monthly market reports, visit Infinity Power Partner’s Market Overview.

RoadmapNYMEX natural gas spot month (September) ended the week down by $0.029 at $2121.

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 off by ≈$0.03 at $2.425.

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 at $2.53, settling ≈$0.0075 weaker.

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

After making new low Friday, spot NYMEX natural gas rallied (it was oversold & at long term support), but couldn’t sustain it. Ended the week at lows without any feature standing out for the bulls. Calendar strips were likewise weaker.ERCOT power reflects the weakness up front but seems steady in the deferred tenures. Summer heat (or lack of) will likely tell the tale for prices.