Weather models continue to show volatility, with the GFS Ensemble further warming up in the backend of the forecast and the Euro Ensemble reducing the level of heat across the next 15 days.
The two forecast were aligned yesterday, but have now once again diverged. Both forecasts are still showing more heat in the coming days than the 10Y normal levels.
Today’s Fundamentals
Daily US natural gas production is estimated to be 91.1 Bcf/d this morning. Today’s estimated production is -1.09 Bcf/d to yesterday, and -1.26 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 67.7 Bcf today, -1.73 Bcf/d to yesterday, and -3.36 Bcf/d to the 7D average. US power burns are expected to be 33 Bcf today, and US ResComm usage is expected to be 8.2 Bcf.
Net LNG deliveries are expected to be 11 Bcf today.
Mexican exports are expected to be 7.5 Bcf today, and net Canadian imports are expected to be 4.3 Bcf today.
The storage outlook for the upcoming report is +60 Bcf today.
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ION-Energy-Daily-Report-June-23-2021.pdf