Infinity Insights – Volume 9, Issue 39

AT-A-GLANCE SUMMARY

The sideways perspective we discussed last week gave way to colder-than-expected temperatures.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (December) has support at 2.56 with resistance at 2.74 then 2.90. Calendar year 2020 has support at 2.45 with resistance 2.58. Calendar year 2021 has support at 2.42 with resistance at 2.50.For a look at our monthly market reports, visit Infinity Power Partner’s Market Overview.

RoadmapNYMEX natural gas spot month (December) finished the week higher by $0.255 at $2.714.

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.

Calendar 2020Calendar 2020 ended ≈$0.1425 better at $2.515.

What’s This? – “Cal 2020” 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 2021Calendar 2021 closed at $2.485, up by ≈$0.065.

What’s This? – “Cal 2021” 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

NYMEX Natural GasThe sideways perspective we discussed last week gave way to colder-than-expected temperatures. The spot month contract (December) spiked with a gap on Monday and continues higher. As the chart below depicts, there appears to be a double bottom.Winter temps are here early so watch the weather.

WHOLESALE POWER

ERCOTERCOT wholesale power has moved higher with the nearby calendar strips showing the most strength.PJMWest Hub strengthened over the last month as the charts picture below: