Daily Market Report – April 23, 2021

The EIA storage report yesterday showed a lighter injection than expected for the 3^rd week in a row. Working gas in storage was 1,883 Bcf as of Friday, April 16, 2021, according to EIA estimates. This represents a net increase of 38 Bcf from the previous week. Stocks were 251 Bcf less than last year at this time and 12 Bcf above the five-year average of 1,871 Bcf. At 1,883 Bcf, total working gas is within the five-year historical range. The release of the report sent prices higher post-report.

After colder temperatures swept across the country this week, the weekend should start with most highs closer to normal Saturday, with a warm up focused around the Central U.S. on Sunday. Cool temperatures will continue for portions of the Upper Midwest and California. Below is a map from NOAA showing where the severe weather is likely to show up early next week.

Today’s Fundamentals

Daily US natural gas production is estimated to be  90.1 Bcf/d this morning. Today’s estimated production is -0.47 Bcf/d to yesterday, and -0.4 Bcf/d to the 7D average.

Natural gas consumption is modelled to be 73.5 Bcf today,  -9.06 Bcf/d to yesterday, and -2.97 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 21.1 Bcf.

Net LNG deliveries are expected to be 11.5 Bcf today.

Mexican exports are expected to be 6.7 Bcf today, and net Canadian imports are expected to be 4.3 Bcf today.

The storage outlook for the upcoming report is +9 Bcf today.

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