Today’s weather runs showed some more CDDs showing up in back end of the 15 day forecast indication a warmer than normal start to the May. Typically CDDs outweigh the HDD count mid-May, but this year this looks to be happening earlier leading to some higher burns for the month.
Here is the latest May outlook from Maxar Weather which sticks to the theme of a hot summer ahead.
Today’s Fundamentals
Daily US natural gas production is estimated to be 87.9 Bcf/d this morning. Today’s estimated production is -0.57 Bcf/d to yesterday, and -0.93 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 61.9 Bcf today, +2.11 Bcf/d to yesterday, and -2.44 Bcf/d to the 7D average. US power burns are expected to be 264 Bcf today, and US ResComm usage is expected to be 10.3 Bcf.
Net LNG deliveries are expected to be 11.5 Bcf today.
Mexican exports are expected to be 6.1 Bcf today, and net Canadian imports are expected to be 3.9 Bcf today.
The storage outlook for the upcoming report is +60 Bcf today.
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ION-Energy-Daily-Report-May-03-2021.pdf