Our storage estimate for week ending June 26 is a 75 Bcf injection. The S/D balances were tighter week-on-week with injections at a slower rate. Long gone are the triple digit injection territory, with weather forecast showing above normal heat for the first half of July.
Lots of heat in the forecast in the short-term forecast. The current GFS Ensemble and ECMWF Ensemble is showing more heat day on day.
Today’s Fundamentals:
Daily US natural gas production is estimated to be 84.0 Bcf/d this morning. Today’s estimated production is -0.9 Bcf/d to yesterday, and -0.5 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 69.7 Bcf today, +2.15 Bcf compared to the weekend and +0.73 Bcf to the 7D average. US power burns are expected to be 38.7 Bcf today, and US ResComm usage is expected to be 8.0 Bcf.
Net LNG deliveries are expected to be 4.2 Bcf/d today.
Mexican exports are 5.9 Bcf/d. Net Canadian imports increased to 4.5 Bcf/d.
Bloomberg IM: Het Shah
enelyst DM: @het.co
Tel: 917-975-2960
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ION-Energy-Daily-Report-June-30-2020.pdf