The EIA storage report yesterday showed a lighter injection than expected for the 2nd week in a row. This send prices higher post-report and the trend continues this morning.
Weather runs are also flip flopping with yesterday 00z Euro Ensemble showing a warmer change, and then today’s reversing back to cooler. At the L48 level, the Euro Ensemble added back 13 TDDs. The Midwest and East Regions showed the most amount of cooling in the latest run.
Today’s Fundamentals
Daily US natural gas production is estimated to be 90.2 Bcf/d this morning. Today’s estimated production is -0.99 Bcf/d to yesterday, and -1.13 Bcf/d to the 7D average. The even cycle noms looks to correct most of the day on day losses; hence production has been typically flat day on day this week.
Natural gas consumption is modelled to be 74.3 Bcf today, -1.38 Bcf/d to yesterday, and +4.01 Bcf/d to the 7D average. US power burns are expected to be 24.84 Bcf today, and US ResComm usage is expected to be 23 Bcf.
Net LNG deliveries are expected to be 11.6 Bcf today.
Mexican exports are expected to be 7.5 Bcf today, and net Canadian imports are expected to be 5 Bcf today.
The storage outlook for the upcoming report is +55 Bcf today.
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ION-Energy-Daily-Report-Apr-16-2021.pdf