Today’s Fundamentals
Daily US natural gas production is estimated to be 89.8 Bcf/d this morning. Today’s estimated production is -1.48 Bcf/d to yesterday, and -2.02 Bcf/d to the 7D average. These figures are typically revised higher by 1.5 Bcf/d in late nomination cycles.
Natural gas consumption is modelled to be 70.5 Bcf today, -1.04 Bcf/d to yesterday, and -1.1 Bcf/d to the 7D average. US power burns are expected to be 34 Bcf today, and US ResComm usage is expected to be 8.5 Bcf.
Net LNG deliveries are expected to be 9.9 Bcf today.
Mexican exports are expected to be 7.4 Bcf today, and net Canadian imports are expected to be 4.9 Bcf today.
The storage outlook for the upcoming report is +18 Bcf today (+69 Bcf less +51 Bcf PG&E revision). We received confirmation that the revision will be reported for the week ending June 11; hence it will tomorrow’s natural gas report.
An update was posted on the PG&E news site yesterday to give more clarification on when the 51 Bcf storage revision will be seen in the EIA natural gas report. Here is the link: https://www.pge.com/pipeline/news/newsdetails/index.page?title=20210610_2445_news
“PG&E has updated the “week ending report date” for EIA’s Weekly Natural Gas Storage Report to be June 11, 2021 and is reflected below. This change will be reflected in EIA’s report scheduled for release on Thursday, June 17, 2021.”
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ION-Energy-Daily-Report-June-16-2021.pdf