Today’s Fundamentals
Daily US natural gas production is estimated to be 91.8 Bcf/d this morning. Today’s estimated production is -3 Bcf/d to yesterday, and -3.8 Bcf/d to the 7D average. The freezing conditions that are starting to move over East Texas and Midcon has already impacted production significantly.
Starting later today and into the weekend, cool temps along with freezing rain are expected to move over the Permian which will likely lead to heavy freeze-offs.
https://www.wpc.ncep.noaa.gov/threats/threats.php
Natural gas consumption is modelled to be 107.6 Bcf today, +2.41 Bcf/d to yesterday, and -9.51 Bcf/d to the 7D average. US power burns are expected to be 29.4 Bcf today, and US ResComm usage is expected to be 42.2 Bcf.
Net LNG deliveries are expected to be 12.2 Bcf today. Sabine LNG deliveries pushed back above 4.5 Bcf/d, while Freeport continues to struggle.
Mexican exports are expected to be 6.4 Bcf today, and net Canadian imports are expected to be 7.1 Bcf today.
The storage outlook for the upcoming report is -283 Bcf today.
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ION-Energy-Daily-Report-Feb-02-2022.pdf