The current weather runs showed a drop in total degree days. Both the GFS Ensemble and Euro Ensemble showed the biggest drop in the back half of the 15 day forecast. As a result, the prompt month has dropped below 2.90 in early morning trading.
Today’s Fundamentals
Daily US natural gas production is estimated to be 89.1 Bcf/d this morning. Today’s estimated production is -0.9 Bcf/d to yesterday, and -1.41 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 69 Bcf today, -1.36 Bcf/d to yesterday, and -0.2 Bcf/d to the 7D average. US power burns are expected to be 27.44 Bcf today, and US ResComm usage is expected to be 18.6 Bcf.
Net LNG deliveries are expected to be 11.4 Bcf today.
Mexican exports are expected to be 7 Bcf today, and net Canadian imports are expected to be 4.9 Bcf today.
The storage outlook for the upcoming report is +84 Bcf today.
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ION-Energy-Daily-Report-May-11-2021.pdf