Natural gas prices are lower this morning even as we enter a week that could be the hottest for this summer. The return of both wind and solar has helped dampen the nat gas power burn this weekend, and the renewables are expected to help throughout the week.
The change in weather from Friday was mainly neutral. The GFS Ensemble was flat to the 12z run Friday, while the Euro Ensemble added 5 pwCDDs in total across the next 10 days.
Today’s Fundamentals
Daily US natural gas production is estimated to be 92 Bcf/d this morning. Today’s estimated production is +0.02 Bcf/d to yesterday, and +0.21 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 77.7 Bcf today, +1.87 Bcf/d to yesterday, and +2.79 Bcf/d to the 7D average. US power burns are expected to be 39.9 Bcf today, and US ResComm usage is expected to be 7.7 Bcf.
Net LNG deliveries are expected to be 9.7 Bcf today. Sabine Pass was lower in this morning’s pipeline nominations. It is expected to take 3.1 Bcf today.
Mexican exports are expected to be 6.9 Bcf today, and net Canadian imports are expected to be 4.8 Bcf today.
The storage outlook for the upcoming report is +42 Bcf today.
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ION-Energy-Daily-Report-Aug-09-2021.pdf