The heat this week is once again complemented by strong wind generation. Current wind generation levels are similar to that of week ending Aug 13. The EIA reported an implied storage injection of +42 Bcf during that week, which came in 5 Bcf above the market consensus. We can expect similar loose condition for the storage report next Thursday as gas burns will come light due to the strong renewable generation.
Today’s Fundamentals
Daily US natural gas production is estimated to be 90.8 Bcf/d this morning. Today’s estimated production is -1.63 Bcf/d to yesterday, and -2.06 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 79.1 Bcf today, -0.65 Bcf/d to yesterday, and +2.74 Bcf/d to the 7D average. US power burns are expected to be 43.5 Bcf today, and US ResComm usage is expected to be 7.9 Bcf.
Net LNG deliveries are expected to be 10.3 Bcf today.
Mexican exports are expected to be 6.8 Bcf today, and net Canadian imports are expected to be 5.2 Bcf today.
The storage outlook for the upcoming report is +45 Bcf today.
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ION-Energy-Daily-Report-Aug-25-2021.pdf