Weather runs were overall bearish from Friday’s 12Z run. The GFS Ensemble shifted the much warmer, specifically in the 1-5 day period, while the Euro Ensemble also showed the same warming over the next 10 days. The latest forecast shows the two major models very much aligned. Overall, both forecast are warmer that the 10Y normal to start March, but then fade to cooler conditions for mid-month.
Some good news for precipitation levels in the PacNW this week. This should help get hydro levels higher ahead of spring.
Today’s Fundamentals
Daily US natural gas production is estimated to be 94.1 Bcf/d this morning. Today’s estimated production is -0.15 Bcf/d to yesterday, and +0.38 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 100.9 Bcf today, -1.82 Bcf/d to yesterday, and -7.17 Bcf/d to the 7D average. US power burns are expected to be 28.9 Bcf today, and US ResComm usage is expected to be 40 Bcf.
Net LNG deliveries are expected to be 12.6 Bcf today.
Mexican exports are expected to be 6 Bcf today, and net Canadian imports are expected to be 5.7 Bcf today.
The storage outlook for the upcoming report is -139 Bcf today.
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ION-Energy-Daily-Report-Feb-28-2022.pdf