Daily Market Report – Mar 10, 2022

For today’s storage report our final projection is -129 Bcf (S/D -130, Flow -129).

The current Bloomberg survey is -119 and Bloomberg whisper is currently at -124 (the whisper is the average of the 17 top analysts).

Here are the current ICE storage future settles as of yesterday.

Week 1 is -135 [today’s report]

Week 2 is -162

Week 3 is -23

There current end of Winter 2021/22 (Apr 8^th) is 1390. [Last week was 1390]

There current end of Summer 2022 (Nov 10^th) is 3550. [Last week was 3550]

Flow model results:

Today’s weather run was somewhat neutral relative to the bearish runs we have seen this week. The 24Hr change was essential flat in the first 10 days.

Today’s Fundamentals

Daily US natural gas production is estimated to be  93.3 Bcf/d this morning. Today’s estimated production is -0.51 Bcf/d to yesterday, and -1.54 Bcf/d to the 7D average. Production continues to struggle out of the Northeast with cooler weather once again over the region. Past this week, we should see production resume back to those levels we saw in December.

Natural gas consumption is modelled to be 97.5 Bcf today,  -1.67 Bcf/d to yesterday, and +9.66 Bcf/d to the 7D average. US power burns are expected to be 28.3 Bcf today, and US ResComm usage is expected to be 38.7 Bcf.

Net LNG deliveries are expected to be 12.5 Bcf today. Sabine Pass LNG Permitted to Restart LNG Storage Tank After 5 Years . The FERC has granted Cheniere approval to place back into service LNG Tank 1 & 3, to take total onsite storage back to 17 Bcf.

Mexican exports are expected to be 6.7 Bcf today, and net Canadian imports are expected to be 5.4 Bcf today.

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