Weather runs over the long weekend were slightly bearish. The GFS ensemble lost a little over 4 CDDs over the next couple of weeks, while the Euro Ensemble lost 3 CDDs. The two models show good alignment over the first half of July.
Today’s Fundamentals
Daily US natural gas production is estimated to be 94.8 Bcf/d for July 1st. We are having issues pulling the data for the weekend and today. This should be resolved later today.
Natural gas consumption is modelled to be 75.6 Bcf today, +2.38 Bcf/d to yesterday, and +0.62 Bcf/d to the 7D average. US power burns are expected to be 40.2 Bcf today, and US ResComm usage is expected to be 8 Bcf.
Net LNG deliveries are expected to be 11.2 Bcf today. The bump up in Sabine and Calcasieu Pass we saw ahead of the long weekend held through the weekend.
Mexican exports are expected to be 6.7 Bcf today, and net Canadian imports are expected to be 5.3 Bcf today.
The storage outlook for the upcoming report is +69 Bcf today.
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NatGas-Daily-Report-July-05-2022.pdf