Overnight weather was once again bearish. While the Euro Ensemble did not post any real big change, the GFS Ensemble showed fewer 6 fewer GWHDDs spread across the next week. With the latest forecast, both models are showing above normal temps to start the month after which temps cool.
Below are the details on the storage facilities that report on a weekly basis. DTI showed now storage activity, while Columbia Gas and Southern Star showed decent draws.
Today’s Fundamentals
Daily US natural gas production is estimated to be 93.7 Bcf/d this morning. Today’s estimated production is -0.94 Bcf/d to yesterday, and +0.21 Bcf/d to the 7D average. Today’s lower production comes from a drop in the SC.
Natural gas consumption is modelled to be 90.3 Bcf today, -10.66 Bcf/d to yesterday, and -19.54 Bcf/d to the 7D average. US power burns are expected to be 26.5 Bcf today, and US ResComm usage is expected to be 32.2 Bcf.
Net LNG deliveries are expected to be 11.8 Bcf today. Sabine showed a drop in deliveries. Other good news is the Yiannis LNG Tanker departed the Calcasieu Pass facility last night with a fully cargo.
Mexican exports are expected to be 6.5 Bcf today, and net Canadian imports are expected to be 4.8 Bcf today.
The storage outlook for the upcoming report is -142 Bcf today.
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ION-Energy-Daily-Report-Mar-01-2022.pdf