Infinity Insights – Volume 9, Issue 41

AT-A-GLANCE SUMMARY

Spot month NYMEX natural gas (December) traded higher last week with a gap on Monday the 4th, then gapped back down this Monday.

SUMMARY OF THE LAST WEEK IN CHARTS

Spot month natural gas (December) has support at 2.57 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) closed at $2.688, off $0.101.

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 finished ≈$0.0325 firmer at $2.5475.

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 settled off ≈$0.008 at $2.476

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 GasSpot month NYMEX natural gas (December) traded higher last week with a gap on Monday the 4th, then gapped back down this Monday. This may be an island reversal if no penetration of $2.75. Support is found at 2.56. There are gaps on both sides of support and resistance.Gap filling will happen but question is which direction. Cold weather aside, it appears traders are looking beyond to what is forecasted to be a warmer trend.

WHOLESALE POWER

ERCOTPrices remain firm. Heat rates are at highs and natural gas is deciding which way to go.PJMPrices remain firm for winter months. Natural gas likely will lead the way, up or down.