After the 338 draw yesterday, the market shook that off and weather is once again taking over the storyline. This time though its back to the warm story. This morning’s 00z forecast was bearish once again. Both the GFS Ensemble and Euro Ensemble warming.
The temperature outlook vs the 10Y looks very warm over the first week of March.
Today’s Fundamentals
Daily US natural gas production is estimated to be 92.5 Bcf/d this morning. Today’s estimated production is -1.85 Bcf/d to yesterday, and +6.61 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 94.9 Bcf today, +0.06 Bcf/d to yesterday, and -2.24 Bcf/d to the 7D average. US power burns are expected to be 23.84 Bcf today, and US ResComm usage is expected to be 36.5 Bcf.
Net LNG deliveries are expected to be 8.9 Bcf today.
Mexican exports are expected to be 6 Bcf today, and net Canadian imports are expected to be 4.1 Bcf today.
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ION-Energy-Daily-Report-Feb-26-2021.pdf
