This past weekend we observed some strong daily injections as domestic production once again rose to 97 Bcf/d and natural gas consumption was light. Production out of the South Central, Midcon and Northeast jumped to seasonal highs as various pipeline maintenance projects wrapped up. On the natural gas consumption side, the combination of lower weekend power load, strong wind, and normal temps led to conservative consumption. The net daily storage injection for the past 7 days ranged from 11 to 16 Bcf per day.
Beyond this point we see summer weather pick up and those daily injections falling off.
Today’s Fundamentals
Daily US natural gas production is estimated to be 97 Bcf/d this morning. Today’s estimated production is +0.27 Bcf/d to yesterday, and +0.82 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 70.3 Bcf today, +2.67 Bcf/d to yesterday, and +3.25 Bcf/d to the 7D average. US power burns are expected to be 31.4 Bcf today, and US ResComm usage is expected to be 8.9 Bcf.
Net LNG deliveries are expected to be 12 Bcf today.
Mexican exports are expected to be 7.1 Bcf today, and net Canadian imports are expected to be 4.8 Bcf today.
The storage outlook for the upcoming report is +80 Bcf today.
This email, any information contained herein and any files transmitted with it (collectively, the Material) are the sole property of OTC Global Holdings LP and its affiliates (OTCGH); are confidential, may be legally privileged and are intended solely for the use of the individual or entity to whom they are addressed. Unauthorized disclosure, copying or distribution of the Material, is strictly prohibited and the recipient shall not redistribute the Material in any form to a third party. Please notify the sender immediately by email if you have received this email by mistake, delete this email from your system and destroy any hard copies. OTCGH waives no privilege or confidentiality due to any mistaken transmission of this email.
NatGas-Daily-Report-May-31-2022.pdf