Gas demand is forecast to rise in the next few days with some late-season HDDs, after which the CDDs exclusively take over the conversation. We should expect to see power-related gas consumption pick up in early June.
Today’s Fundamentals
Daily US natural gas production is estimated to be 90.8 Bcf/d this morning. Today’s estimated production is -0.96 Bcf/d to yesterday, and -1.25 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 67.4 Bcf today, -0.29 Bcf/d to yesterday, and +1.74 Bcf/d to the 7D average. US power burns are expected to be 31.24 Bcf today, and US ResComm usage is expected to be 8.6 Bcf.
Net LNG deliveries are expected to be 10 Bcf today. Freeport adjusted their noms lower for yesterday, which shows two days of lower than normal feedgas levels. The same could happen in a later nomination cycle today. If that’s the case, it is likely that there is some maintenance type of event going on at the facility.
Mexican exports are expected to be 6.9 Bcf today, and net Canadian imports are expected to be 4.3 Bcf today.
The storage outlook for the upcoming report is +111 Bcf today.
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ION-Energy-Daily-Report-May-26-2021.pdf