Weather runs were overall bearish from Friday’s 12Z run. The GFS Ensemble shifted cooler in the 1-5 day period, but much warmer past this week. The Euro Ensemble also showed warming past this week. The latest forecast shows that same weather trend from the two major models, where but the Euro Ensemble being warmer past this week.
Here is a look at the latest day 3-7 outlook from NWS.
Today’s Fundamentals
Daily US natural gas production is estimated to be 95.4 Bcf/d this morning. Today’s estimated production is +0.19 Bcf/d to yesterday, and +0.5 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 85.1 Bcf today, +5.62 Bcf/d to yesterday, and 0 Bcf/d to the 7D average. US power burns are expected to be 25.1 Bcf today, and US ResComm usage is expected to be 29.2 Bcf.
Net LNG deliveries are expected to be 12.9 Bcf today. Nominations were strong at all facilities today except Sabine. Below shows today’s nomination relative to the peak level observed at each major LNG plant.
Mexican exports are expected to be 6.3 Bcf today, and net Canadian imports are expected to be 4.8 Bcf today.
The storage outlook for the upcoming report is -129 Bcf today.
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ION-Energy-Daily-Report-Mar-07-2022.pdf