LNG feed gas deliveries remained low following Hurricane Laura. Sabine Pass started to ramp down on Aug 24th, and Cameron on Aug 26th. It appears that Cheniere has begun to utilize Corpus Christi LNG to take on some of Sabine Pass’ activity.
The Sabine/Neches waterway is planned open today; hence we could see some LNG activity resume early this week if there was no damage to the terminal. There has been no news regarding the status of the terminal over the weekend.
Lastly, GoM natgas production started to resume over the weekend. The currently productino level for today is estimated to be 0.435 Bcf/d. This is roughly 25% of normal production levels.
Today’s Fundamentals:
Daily US natural gas production is estimated to be 84.3 Bcf/d this morning. Today’s estimated production is -1.18 Bcf/d to yesterday, and -0.89 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 72.3 Bcf today, +3.42 Bcf/d to yesterday, and -1.87 Bcf/d to the 7D average. US power burns are expected to be 37.54 Bcf today, and US ResComm usage is expected to be 7.6 Bcf.
Net LNG deliveries are expected to be 2.8 Bcf today.
Mexican exports are expected to be 6.4 Bcf today, and net Canadian imports are expected to be 4.3 Bcf today.
Bloomberg IM: Het Shah
enelyst DM: @het.co
Tel: 917-975-2960
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ION-Energy-Daily-Report-Aug-31-2020.pdf