Natural gas hit $3 this morning as overnight runs added a hefty load of HDDs to the back end of the forecast. In total the GFS Ensemble added 40 HDDs, while the Euro Ensemble added 25 HDDs.
Here is the break-out by EIA storage region. The Midwest and Mountain region gained the most cool temps in the 11-15 day range.
The short-term forecast not sits well above the 10Y normal levels. Both models are in agreement about the upcoming cold as well.
Today’s Fundamentals
Daily US natural gas production is estimated to be 90.3 Bcf/d this morning. Today’s estimated production is -0.74 Bcf/d to yesterday, and -1.39 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 106.6 Bcf today, -1.61 Bcf/d to yesterday, and -5.06 Bcf/d to the 7D average. US power burns are expected to be 304 Bcf today, and US ResComm usage is expected to be 44.8 Bcf.
Net LNG deliveries are expected to be 10.7 Bcf today.
Mexican exports are expected to be 6.3 Bcf today, and net Canadian imports are expected to be 6 Bcf today.
This email, any information contained herein and any files transmitted with it (collectively, the Material) are the sole property of OTC Global Holdings LP and its affiliates (OTCGH); are confidential, may be legally privileged and are intended solely for the use of the individual or entity to whom they are addressed. Unauthorized disclosure, copying or distribution of the Material, is strictly prohibited and the recipient shall not redistribute the Material in any form to a third party. Please notify the sender immediately by email if you have received this email by mistake, delete this email from your system and destroy any hard copies. OTCGH waives no privilege or confidentiality due to any mistaken transmission of this email.
ION-Energy-Daily-Report-Feb-02-2021.pdf