Infinity Insights – Volume 9, Issue 32
AT-A-GLANCE SUMMARY
Spot month NYMEX natural gas (October) moved higher without much resistance once it traded above $2.50.
SUMMARY OF THE LAST WEEK IN CHARTS
Spot month natural gas (October) has support at 2.45, with resistance at 2.65-2.75. Calendar year 2020 has support at 2.48 with resistance 2.60. Calendar year 2021 has support at 2.40 with resistance at 2.48.For a look at our monthly market reports, visit Infinity Power Partner’s Market Overview.
RoadmapNYMEX natural gas spot month (October) finished the week up $0.118 at $2.614.
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 up ≈$0.03 at $2.54.
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 $2.4575, off by ≈$0.0125.
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 (October) moved higher without much resistance once it traded above $2.50. The drivers appeared to be short bailing out rather than new buying. Open interest fell, something that supports short liquidation. Next, major resistance is at $2.65 - $2.75.
Remembering T. Boone Pickens
Our first memory of Mr. Pickens was when he bought, speculatively, NYMEX crude oil futures in the $11 area. In the 1980s. That purchase was amazing for us neophytes in the world of crude trading. Along with our awe, we learned more about this very savvy businessman who made huge deals beginning with Mesa Petroleum and proceeded to amass quite a resume of corporate acquisitions. He made fortunes that he commenced to give away. His largesse is well known and admired.What we try constantly to emulate about Mr. Boone is the gentleman he was in all things. A man of his word, plain spoken and to the point, setting examples all of us should take to heart.Adios, T. Boone!