As we noted yesterday, weather continues to bounce around. In today’s 00z run, both the GFS Ensemble and Euro Ensemble are once again trending cooler. The move helps offset all the heat that showed up in the forecast over the weekend. The natural gas prompt month is now back to under $3.
Today’s Fundamentals
Daily US natural gas production is estimated to be 90.1 Bcf/d this morning. Today’s estimated production is -1.29 Bcf/d to yesterday, and -2.08 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 63.9 Bcf today, -0.57 Bcf/d to yesterday, and -1.55 Bcf/d to the 7D average. US power burns are expected to be 28.24 Bcf today, and US ResComm usage is expected to be 8.8 Bcf.
Net LNG deliveries are expected to be 10.4 Bcf today.
Mexican exports are expected to be 7.1 Bcf today, and net Canadian imports are expected to be 4.6 Bcf today.
The storage outlook for the upcoming report is +56 Bcf today.
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ION-Energy-Daily-Report-May-19-2021.pdf