Daily Market Report – May 14, 2021

Yesterday the EIA reported a +71 Bcf storage injection for the week ending May 7^th, with implied flows of +75 Bcf due to a reclass of last week’s non-salt number. The reclassification of 4 Bcf of working gas to base gas resulted in the decrease in the non-salt storage figure.

Today’s Fundamentals

Daily US natural gas production is estimated to be  91.1 Bcf/d this morning. Today’s estimated production is -1.23 Bcf/d to yesterday, and -1.16 Bcf/d to the 7D average.

Natural gas consumption is modelled to be 67.5 Bcf today,  -2.67 Bcf/d to yesterday, and -4.89 Bcf/d to the 7D average. US power burns are expected to be 25.74 Bcf today, and US ResComm usage is expected to be 13.6 Bcf.

Net LNG deliveries are expected to be 10 Bcf today. There have been some big moves in plant feedgas levels this week. Cameron has been lower since May 9^th, Freeport dropped for a singled day on May 12^th by 0.5 Bcf/d, Sabine was lower on May 13^th for a single day by as much as 0.8 Bcf/d, and today Corpus Christie dropped by 0.8 Bcf/d. There is no official statements regarding maintenance at any one of those facilities as of now.

Mexican exports are expected to be 6.9 Bcf today, and net Canadian imports are expected to be 4.4 Bcf today.

The storage outlook for the upcoming report is +53 Bcf today.                                                                                                                                                                                                    

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