Daily Market Report – May 20, 2021

For today’s storage report our final projection is +58 Bcf (There is some upside risk to our estimate this week wit the pipe scrape model show a +73 Bcf injection)

The current Bloomberg survey is +59 and Bloomberg whisper is +65 (the whisper is the average of the 17 top analysts).

Here are the current ICE storage future settles as of May 19^th.

Week Ending May 14 is +68

Week Ending May 21 is +96

Week Ending May 28 is +92

There current end of Summer 2021 (Nov 12^th) is 3555. [Last week was 3555]
There current end of Winter 2021/22 (Apr 14^th) is 1729. (no open interest)

Today’s Fundamentals

Daily US natural gas production is estimated to be  91.3 Bcf/d this morning. Today’s estimated production is -0.33 Bcf/d to yesterday, and -0.82 Bcf/d to the 7D average.

Natural gas consumption is modelled to be 64.8 Bcf today,  -0.48 Bcf/d to yesterday, and -0.11 Bcf/d to the 7D average. US power burns are expected to be 28.64 Bcf today, and US ResComm usage is expected to be 9.2 Bcf.

Net LNG deliveries are expected to be 11.1 Bcf today.

Mexican exports are expected to be 7 Bcf today, and net Canadian imports are expected to be 4.5 Bcf today.

The storage outlook for the upcoming report is +58 Bcf today.

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