Daily Market Report – Oct 21, 2021

For today’s storage report our final projection is +89 Bcf  (S/D @ +89, Scrape @ +84).

The current Bloomberg survey is +87 and Bloomberg whisper is currently at +86 (the whisper is the average of the 17 top analysts).

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

Week 1 is +94 [today’s report]

Week 2 is +94

Week 3 is +35

There current end of Summer 2021 (Nov 12^th) is 3665. [Last week was 3625]
There current end of Winter 2021/22 (Apr 8^th) is 1420. [Last week was 1400]

Today’s Fundamentals

Daily US natural gas production is estimated to be  91.4 Bcf/d this morning. Today’s estimated production is +0.24 Bcf/d to yesterday, and -0.76 Bcf/d to the 7D average. We saw a slight recovery in Northeast production today based on nomination data.

Natural gas consumption is modelled to be 68.3 Bcf today,  +1.67 Bcf/d to yesterday, and +0.32 Bcf/d to the 7D average. US power burns are expected to be 30.2 Bcf today, and US ResComm usage is expected to be 12.1 Bcf.

Net LNG deliveries are expected to be 10.6 Bcf today. Freeport has resumed normal operation today, while Sabine T3 is still out.

Mexican exports are expected to be 6.1 Bcf today, and net Canadian imports are expected to be 5.3 Bcf today.

The storage outlook for the upcoming report is +89 Bcf today.

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