If you were off last week, then you missed a wild week. The market gapped lower on open on Dec 27th (falling from the 2.55-60 range to the low 2.30s), and then spent the rest of the week slowly climbing back.
Yesterday, natural gas prices opened even higher crossing over 2.60 to 2.644 with cooler temps in the forecast.
The GEFS Ensemble added 18 HDDs vs the 12z run on New Years Eve, and the Euro Ensemble added 3.4 HDDs. The added cooler weather was all over the next 10 days. The charts below show the daily added HDDs vs New Years Eve.
Today’s Fundamentals
Daily US natural gas production is estimated to be 90.8 Bcf/d this morning. Today’s estimated production is -0.58 Bcf/d to yesterday, and -0.63 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 96.6 Bcf today, -2.36 Bcf/d to yesterday, and -1.36 Bcf/d to the 7D average. US power burns are expected to be 25.54 Bcf today, and US ResComm usage is expected to be 38.6 Bcf.
Net LNG deliveries are expected to be 11.2 Bcf today.
Mexican exports are expected to be 5.4 Bcf today, and net Canadian imports are expected to be 6.2 Bcf today.
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ION-Energy-Daily-Report-Jan-04-2021.pdf