Yesterday the EIA reported a +46 Bcf storage injection (which included a +4 Bcf base gas to working gas reclassification) for week ending Aug 13. This report came in a couple of Bcf higher than market consensus. The slight bearish number pushed prices lower, only to bounce back this morning with a warmer overnight weather forecast.
In this morning’s run, the GFS Ensemble and Euro Ensemble showed a big jump in CDDs versus the 12Z starting next week.
Today’s Fundamentals
Daily US natural gas production is estimated to be 91.6 Bcf/d this morning. Today’s estimated production is -1.43 Bcf/d to yesterday, and -0.77 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 74.9 Bcf today, -3.01 Bcf/d to yesterday, and +0.63 Bcf/d to the 7D average. US power burns are expected to be 40.3 Bcf today, and US ResComm usage is expected to be 7.7 Bcf.
Net LNG deliveries are expected to be 10.8 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 +44 Bcf today.
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ION-Energy-Daily-Report-Aug-20-2021.pdf