Our estimate for tomorrow’s storage report is a +51 Bcf injection for the lower 48. This would take storage levels to 3882 Bcf. The current Bloomberg survey is +57 Bcf.
Looking at some of the storage facilities that report on a weekly basis, we see their levels are getting near their peak recorded levels. This is concerning with at least 4 more weeks of injections left.
LNG continues to be an issue. We saw a modest gain in feedgas deliveries today to 7.63 Bcf/d or +0.1 Bcf/d DoD. Sabine volumes remain limited with a forced majeure on one of its major incoming pipes NGPL after Hurricane Delta. Cameron has no issues as the terminal itself, but a sunken rock barge has blocked channel access. There is no clarity on the timeline of removal at this point.
Today’s Fundamental’s
Daily US natural gas production is estimated to be 86.7 Bcf/d this morning. Today’s estimated production is +0.01 Bcf/d to yesterday, and +1.5 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 71.7 Bcf today, -0.25 Bcf/d to yesterday, and +2.82 Bcf/d to the 7D average. US power burns are expected to be 31.34 Bcf today, and US ResComm usage is expected to be 12.4 Bcf.
Net LNG deliveries are expected to be 7.6 Bcf today.
Mexican exports are expected to be 6.4 Bcf today, and net Canadian imports are expected to be 3.6 Bcf today.
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ION-Energy-Daily-Report-Oct-14-2020.pdf