Yesterday, the EIA reported at 81 Bcf injection for week ending Oct 8th. This report came in much lower than expectations. The route cause is likely seasonal nuke outages and low wind. As seen in the chart below, wind was well below the seasonal expected levels last week. The story flips for this week with wind coming in well above normal. The chart shows the daily Bcf/d change in gas burns due to wind’s performance as well.
Today’s Fundamentals
Daily US natural gas production is estimated to be 92.6 Bcf/d this morning. Today’s estimated production is +0.4 Bcf/d to yesterday, and +0.22 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 67.2 Bcf today, -2.63 Bcf/d to yesterday, and -0.79 Bcf/d to the 7D average. US power burns are expected to be 31.1 Bcf today, and US ResComm usage is expected to be 10.8 Bcf.
Net LNG deliveries are expected to be 11.2 Bcf today.
Mexican exports are expected to be 7 Bcf today, and net Canadian imports are expected to be 5.3 Bcf today.
The storage outlook for the upcoming report is +88 Bcf today.
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ION-Energy-Daily-Report-Oct-15-2021.pdf