L48 production are back to normal levels. Infact, the current levels are now above the January 2021 average. Yesterday’s final estimates show production resuming in the Gulf and Midcon and taking overall levels to 92 Bcf/d. We are now just slightly behind in the Northeast, but we expect some of that to recover as cooler temps pass over. 
As of last week, total gas rigs are 18 below last year (92 vs 110) and total oil rigs are 369 below last year (309 vs 678). Despite the massive drop, overall gas production is < 2 Bcf/d below last year’s levels.
Today’s Fundamentals:
Daily US natural gas production is estimated to be 90.4 Bcf/d this morning. Today’s estimated production is -1.65 Bcf/d to yesterday, and -1.82 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 97.5 Bcf today, +3.68 Bcf/d to yesterday, and +9.68 Bcf/d to the 7D average. US power burns are expected to be 28.14 Bcf today, and US ResComm usage is expected to be 39.9 Bcf.
Net LNG deliveries are expected to be 9.9 Bcf today.
Mexican exports are expected to be 6.2 Bcf today, and net Canadian imports are expected to be 5.3 Bcf today.
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ION-Energy-Daily-Report-Mar-02-2021.pdf