Yesterday the EIA reported a -11 Bcf storage draw for week ending March 12th. This was largely inline with the output of our S/D model, and helped confirm the lower industrial natural gas consumption. The lower industrial consumption is the one lingering impact of the February cold episode.
LNG feedgas levels look to set a new record today based on pipeline nomination data. Current projections for today are 11.8 Bcf/d which breaks the record set on Dec 13th. Many of the facilities are near their peak level, but the true coincidental peak of all the operating facilities is 12.4 Bcf/d. So its likely we can see levels above 12 Bcf/d soon.
Today’s Fundamentals
Daily US natural gas production is estimated to be 91.6 Bcf/d this morning. Today’s estimated production is -0.93 Bcf/d to yesterday, and -0.77 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 86.8 Bcf today, +2.64 Bcf/d to yesterday, and +0.71 Bcf/d to the 7D average. US power burns are expected to be 25.14 Bcf today, and US ResComm usage is expected to be 32.9 Bcf.
Net LNG deliveries are expected to be 11.8 Bcf today.
Mexican exports are expected to be 6.7 Bcf today, and net Canadian imports are expected to be 5.1 Bcf today.
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ION-Energy-Daily-Report-Mar-19-2021.pdf