Today’s Fundamentals
Daily US natural gas production is estimated to be 95.1 Bcf/d this morning. Today’s estimated production is +0.04 Bcf/d to yesterday, and -1.18 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 77 Bcf today, -0.84 Bcf/d to yesterday, and -3.44 Bcf/d to the 7D average. US power burns are expected to be 28.9 Bcf today, and US ResComm usage is expected to be 19.7 Bcf. Total gas consumption is expected to remain low going forward as we enter the shoulder season. Both major forecasts are pointing to temps hovering around the 10Y normal for the next 15 days. Nuke generation has dropped off this week with refuel/maintenance season continuing which should help keep the burns higher.
Net LNG deliveries are expected to be 11.9 Bcf today. Freeport is lower with maintenance on Train 1, while Corpus Christie remains lower again today due to unknown reasons. Meanwhile, Calcasieu Pass jumped over 0.8 Bcf/d this week.
Mexican exports are expected to be 6.8 Bcf today, and net Canadian imports are expected to be 5.4 Bcf today.
The storage outlook for the upcoming report is -23 Bcf today. Our flow model is suggesting a higher draw, hence we believe there is a risk to a stronger draw this week.
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ION-Energy-Daily-Report-Apr-06-2022.pdf