Today’s Fundamentals
Daily US natural gas production is estimated to be 93.9 Bcf/d this morning. Today’s estimated production is -0.42 Bcf/d to yesterday, and +0.2 Bcf/d to the 7D average. Yesterday production level was restated ~1 Bcf/d higher in the South Central. The cooler weather last Friday pushed production levels lower, which looks to be coming back. The next region where we should see freeze-off production return is the Northeast. The warmer weather there this week should result in production returning.
With the warmer weather, we are seeing total consumption dropping off quick. Natural gas consumption is modelled to be 76.5 Bcf today, -2.47 Bcf/d to yesterday, and -19.08 Bcf/d to the 7D average. US power burns are expected to be 25.1 Bcf today with the strong wind pushing natgas gen out of the power stack. The last few days we saw wind across the US once again jump over 70 GWh. Meanwhile, we are seeing Nuke gen go into refuel season.
Net LNG deliveries are expected to be 12.6 Bcf today. Corpus Christie deliveries continue to remain low.
Mexican exports are expected to be 6.7 Bcf today, and net Canadian imports are expected to be 4.6 Bcf today.
The storage outlook for the upcoming report is -74 Bcf today.
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ION-Energy-Daily-Report-Mar-16-2022.pdf