Weather runs were bearish over night with the GFS Ensemble losing 4 GWHDDS, and the Euro Ensemble losing 12.5 GWHDDs. Below is a regional breakdown which shows the Euro Ensemble getting warmer across almost every regions except the East.
Today’s Fundamentals
Daily US natural gas production is estimated to be 95.1 Bcf/d this morning. Today’s estimated production is +0.11 Bcf/d to yesterday, and +1.48 Bcf/d to the 7D average. Production is on the rise once again as freeze-offs in the SC and Midcon unwind. Next on the list is the Northeast for early this month.
Natural gas consumption is modelled to be 86 Bcf today, -2.99 Bcf/d to yesterday, and -20.03 Bcf/d to the 7D average. US power burns are expected to be 26 Bcf today, and US ResComm usage is expected to be 29.4 Bcf.
Net LNG deliveries are expected to be 11.8 Bcf today. Sabine deliveries remain lower with today, while Freeport has finally resumed normal operation over the past few days.
Mexican exports are expected to be 6.5 Bcf today, and net Canadian imports are expected to be 4.7 Bcf today.
The storage outlook for the upcoming report is -142 Bcf today.
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ION-Energy-Daily-Report-Mar-02-2022.pdf