Cheniere reported Q2 2020 earning yesterday. Revenue rose 5% YoY, and net income flipped from a net loss of $114M to a net profit of $197M. The positive results all despite only 78 cargos leaving this quarter (vs 104 last year). For Q2 2020 they reported 53 cargo cancelled in all.
Cheniere also reported, Sabine Pass T6 is 63.9% completion and it is still expected to be online in H2 2022. Corpus Christi T3 is currently being commission and is 90.5% completed. It is expected online in H1 2021.
Today’s Fundamentals:
Daily US natural gas production is estimated to be 85.5 Bcf/d this morning. Today’s estimated production is -0.58 Bcf/d to yesterday, and -0.39 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 71.8 Bcf today, +0.86 Bcf/d to yesterday, and -0.85 Bcf/d to the 7D average. US power burns are expected to be 38.54 Bcf today, and US ResComm usage is expected to be 7.5 Bcf.
Net LNG deliveries are expected to be 4 Bcf today.
Mexican exports are expected to be 6.3 Bcf today, and net Canadian imports are expected to be 4 Bcf today.
Bloomberg IM: Het Shah
enelyst DM: @het.co
Tel: 917-975-2960
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ION-Energy-Daily-Report-Aug-7-2020.pdf