A big shift in weather this weekend has sent prompt month prices higher. The Euro Ensemble showed massive changes particularly in the 6-10 day range. Below shows the 00z change vs Friday’s 12z runs, which added 24.2 to the L48 projection. The outlook for the Northeast and Midwest was even more dramatic for the 6-10, which both added roughly 46 HDDs to their outlook.
Alongside the cooler temps, a major nor’easter is developing today which brings heavy snow and strong winds from Pennsylvania to Maine through Tuesday. Near blizzard conditions are possible along the coast, and some locations may receive up to 2 feet of snow. Below is the latest graphic from the NOAA.
Today’s Fundamentals
Daily US natural gas production is estimated to be 91.7 Bcf/d this morning. Today’s estimated production is +0.68 Bcf/d to yesterday, and +0.16 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 104.4 Bcf today, +5.26 Bcf/d to yesterday, and -5.09 Bcf/d to the 7D average. US power burns are expected to be 27.94 Bcf today, and US ResComm usage is expected to be 44.4 Bcf.
Net LNG deliveries are expected to be 11 Bcf today.
Mexican exports are expected to be 6.3 Bcf today, and net Canadian imports are expected to be 6.9 Bcf today.
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ION-Energy-Daily-Report-Feb-01-2021.pdf