Daily Market Report – Nov 3, 2022

For week ending Oct 28^th, the S/D storage is pointing to a +98 Bcf injection. This reporting period will take L48 storage level to 3,492 Bcf (-110 vs LY, -144 vs. 5Yr). Last year we injected only +66 Bcf during the same week.

The current Bloomberg survey is +102 and Bloomberg whisper is currently at +102 (the whisper is the average of the 17 top analysts).

Here are the current ICE storage future settles as of yesterday.

Week 1 is +80 [no OI]

Week 2 is +81 [1 OI]

Week 3 is +-48 [no OI]

There current end of Summer 2022 (Nov 10^th) is 3585, OI = 83. [Last week was 3585, OI = 83]
There current end of Winter 2022/23 (Apr 13^th) is 1678, OI = 56 [Last week was 1680, OI = 57]

Today’s Fundamentals

Daily US natural gas production is estimated to be  100 Bcf/d this morning. Today’s estimated production is -0.48 Bcf/d to yesterday, and -1.06 Bcf/d to the 7D average. Production levels are starting to normalize after some messy nominations we usually see during the first few days of the month.

Natural gas consumption is modelled to be 75.6 Bcf today,  +0.58 Bcf/d to yesterday, and -1.37 Bcf/d to the 7D average. US power burns are expected to be 29.7 Bcf today, and US ResComm usage is expected to be 16.8 Bcf.

Net LNG deliveries are expected to be 11.2 Bcf today. Sabine feedgas levels dropped lower today as NGPL continues pipe maintenance at one of the input sources. This should be wrapped up by Friday.

Mexican exports are expected to be 5.9 Bcf today, and net Canadian imports are expected to be 4 Bcf today.

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