Temps across much of the South and deep Northeast are expected to remain well above normal levels. The excess heat in these regions are going to lead to near peak-summer levels where we see strong power burns. Below is the forecast for the South Central storage region vs the 10Y normal. As seen, the GFS EN is running much warmer out of the two major models.
Today’s Fundamentals
Daily US natural gas production is estimated to be 95.6 Bcf/d this morning. Today’s estimated production is -0.57 Bcf/d to yesterday, and -0.39 Bcf/d to the 7D average. Production nominations for the Northeast were lower today, but we are expected a revision higher in later cycles to bring it to similar levels day-on-day.
Natural gas consumption is modelled to be 68.2 Bcf today, -1.43 Bcf/d to yesterday, and -2.67 Bcf/d to the 7D average. US power burns are expected to be 27.2 Bcf today, and US ResComm usage is expected to be 12.4 Bcf.
Net LNG deliveries are expected to be 12.3 Bcf today.
Mexican exports are expected to be 7 Bcf today, and net Canadian imports are expected to be 4.7 Bcf today.
The storage outlook for the upcoming report is +83 Bcf today.
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ION-Energy-Daily-Report-May-11-2022.pdf