LNG deliveries hit a record level to close out October. The total nominated feedgas rose to 10.4 Bcf/d on Halloween, with Cameron rising to above 1.8 Bcf/d, Sabine staying consistently above 4 Bcf/d, and helped by strong rallies at Sabine Pass, Cameron LNG and Cove Point nearing 0.8 Bcf/d. Freeport volumes still remained well below its peak levels.
In overnight runs the 00z, both the GFS Ensemble and Euro Ensemble showed a major warming trend in the back end of the 15D forecast window. This seems to have added the bearish tilt on price this morning.
Today’s Fundamentals:
Daily US natural gas production is estimated to be 89.7 Bcf/d this morning. Today’s estimated production is -1.15 Bcf/d to yesterday, and +1.66 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 86.9 Bcf today, +3.74 Bcf/d to yesterday, and +1.82 Bcf/d to the 7D average. US power burns are expected to be 26.24 Bcf today, and US ResComm usage is expected to be 28.2 Bcf.
Net LNG deliveries are expected to be 9.9 Bcf today.
Mexican exports are expected to be 6.3 Bcf today, and net Canadian imports are expected to be 5.4 Bcf today.
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ION-Energy-Daily-Report-Nov-2-2020.pdf