As production slides a little bit in April, we have seen exports move a lot higher. Besides the strong LNG feedgas levels, we are seeing exports to Mexico from Southern Texas jump. The year-on-year is not a good comparison as COVID spread through Mexico last year at this time and lowered demand substantially, but overall we are see new exports records set. Yesterday we exported 7.48 Bcf/d which is much higher than the 6.6 Bcf/d peak from last summer. At this rate Mexican exports will be substantially higher this summer – closer to 8 Bcf/d as the peak heat hits.
Today’s Fundamentals
Daily US natural gas production is estimated to be 90.4 Bcf/d this morning. Today’s estimated production is -1.15 Bcf/d to yesterday, and -0.79 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 72.9 Bcf today, +1.9 Bcf/d to yesterday, and +6.17 Bcf/d to the 7D average. US power burns are expected to be 25.64 Bcf today, and US ResComm usage is expected to be 20.3 Bcf.
Net LNG deliveries are expected to be 11.4 Bcf today.
Mexican exports are expected to be 7.2 Bcf today, and net Canadian imports are expected to be 4.7 Bcf today.
The storage outlook for the upcoming report is +69 Bcf today.
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ION-Energy-Daily-Report-Apr-14-2021.pdf