Weather runs were overall bearish from Friday’s 12Z run. Below is the change from Friday’s 12z which shows both models making the same directional move. The majority of the change occurs starting next week.
Here is a look the latest outlook, which shows the overall forecast hovering very close to the 10Y normal.
That being said, there is still a lot of extreme weather expected around the country in the short-term. As seen in the latest 3-7 day outlook, there are pockets of severe weather (incl. heavy rain) that continue to show up from TX to the SE, and high winds in the Mountain area.
Today’s Fundamentals
Daily US natural gas production is estimated to be 96.4 Bcf/d this morning. Today’s estimated production is -0.1 Bcf/d to yesterday, and +0.01 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 79.8 Bcf today, -0.52 Bcf/d to yesterday, and -3.63 Bcf/d to the 7D average. US power burns are expected to be 25.8 Bcf today, and US ResComm usage is expected to be 24.2 Bcf. After peaking wind conditions last week, this weekend had wind at or below normal levels.
Net LNG deliveries are expected to be 12.4 Bcf today.
Mexican exports are expected to be 6.1 Bcf today, and net Canadian imports are expected to be 5 Bcf today.
The storage outlook for the upcoming report is -20 Bcf today.
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ION-Energy-Daily-Report-Apr-04-2022.pdf