Daily Market Report – Apr 28, 2022

For today’s storage report our final projection is +38 Bcf (average of S/D +36 and Flow +39).

The current Bloomberg survey is +38 and Bloomberg whisper is currently at +40 (the whisper is the average of the 17 top analysts).

Here are the current ICE storage future settles as of yesterday.

Week 1 is +40 [today’s report]

Week 2 is +80

Week 3 is +87

There current end of Summer 2022 (Nov 10^th) is 3500. [Last week was 3500]
There current end of Winter 2022/23 (Apr 13^th) is 1672. [no OI]

Today’s Fundamentals

Daily US natural gas production is estimated to be  95.3 Bcf/d this morning. Today’s estimated production is +0.54 Bcf/d to yesterday, and -0.99 Bcf/d to the 7D average. Some Bakken production started to resume yesterday, but we are still sitting at 50% of normal levels for the region. The Northeast production levels are also sitting at 33.4 Bcf/d, which is 0.8 Bcf/d lower than where we were last Thursday.

Natural gas consumption is modelled to be 78.2 Bcf today,  -1.32 Bcf/d to yesterday, and +5.92 Bcf/d to the 7D average. US power burns are expected to be 27.4 Bcf today, and US ResComm usage is expected to be 21.8 Bcf.

Net LNG deliveries are expected to be 12.3 Bcf today. Freeport ramped up to take 1.65 Bcf/d, while Cameron LNG took only 1.62 Bcf/d today (0.6 Bcf/d lower day-on-day).

Mexican exports are expected to be 7.3 Bcf today, and net Canadian imports are expected to be 4.7 Bcf today.

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