Today’s Fundamentals
Daily US natural gas production is estimated to be 93.9 Bcf/d this morning. Today’s estimated production is -0.88 Bcf/d to yesterday, and -2.6 Bcf/d to the 7D average. Production continues to struggle with both the SC and NE down further today. Bakken is now producing 25% of its typical levels due to weather conditions impacting pipelines. Here is the notice posted by Williston Basin Interstate:
WBI Energy Transmission is declaring a Force Majeure event pursuant to WBI Energys FERC Gas Tariff, Section 25 of the General Terms and Conditions. Interruption of scheduled volumes will start with Intraday 1 for gas day April 24, 2022, for any receipts unable to meet there scheduled nominations.
Natural gas consumption is modelled to be 78.6 Bcf today, -0.15 Bcf/d to yesterday, and +7.21 Bcf/d to the 7D average. US power burns are expected to be 27.2 Bcf today, and US ResComm usage is expected to be 22 Bcf. The cooler temps across much of the North has led to much higher consumption levels since the weekend. Today the L48 is expecting 11.5 HDDs vs 4.5 on Saturday. This is leading to more than 11 Bcf/d of additional usage for heating.
Net LNG deliveries are expected to be 12.8 Bcf today. Freeport looks to be ramping back up today based on nomination data. The T1 maintenance was expected to be completed today.
Mexican exports are expected to be 7 Bcf today, and net Canadian imports are expected to be 6.4 Bcf today.
The storage outlook for the upcoming report is +35 Bcf today.
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ION-Energy-Daily-Report-Apr-27-2022.pdf