The EIA reported a -206 Bcf withdrawal for the week ending Jan 14th, which was slightly above market consensus. The shift in cooler weather to the Northeast led to double hit with loss of Appalachian production due to freeze-offs and rising demand from the rescomm sector. At the national level, total GWHDDs rose by 2.6F.
Today’s Fundamentals
Daily US natural gas production is estimated to be 93.2 Bcf/d this morning. Today’s estimated production is -0.52 Bcf/d to yesterday, and -1.78 Bcf/d to the 7D average. Today’s lower production level is a result of freeze-offs continuing in the Northeast, and also cooler weather moving over the SC leading to small production losses (-0.5 Bcf/d DoD).
Natural gas consumption is modelled to be 124.4 Bcf today, +1.89 Bcf/d to yesterday, and +9.33 Bcf/d to the 7D average. US power burns are expected to be 33 Bcf today, and US ResComm usage is expected to be 57.2 Bcf.
Net LNG deliveries are expected to be 12.6 Bcf today.
Mexican exports are expected to be 6.4 Bcf today, and net Canadian imports are expected to be 7.7 Bcf today.
Today’s storage pull alone is expected to be 40-42 Bcf. The storage outlook for the upcoming report is -215 Bcf today.
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ION-Energy-Daily-Report-Jan-21-2022.pdf