Yesterday, the EIA reported a +20 Bcf storage injection for week ending Aug 27, which was slightly below the market expectation of a 24 Bcf injection. Salt particularly had a massive draw of -15 Bcf once again.
The BSEE estimates that approximately 91.29 percent of the gas production in the Gulf of Mexico is still shut in. Damage on to pipelines and onshore processing facilities is being assessed.
PowerOutage.us reports a number of people still without power in Ida’s path. The Northeast was pounded by rain with the remnants of Ida, and there was significant flooding in the region as a result.
Today’s Fundamentals
Daily US natural gas production is estimated to be 89.7 Bcf/d this morning. Today’s estimated production is -0.6 Bcf/d to yesterday, and -1.07 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 66.9 Bcf today, +0.11 Bcf/d to yesterday, and -4.86 Bcf/d to the 7D average. US power burns are expected to be 33.2 Bcf today, and US ResComm usage is expected to be 7.7 Bcf.
Net LNG deliveries are expected to be 10.9 Bcf today.
Mexican exports are expected to be 7.1 Bcf today, and net Canadian imports are expected to be 4.3 Bcf today.
The storage outlook for the upcoming report is +44 Bcf today.
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ION-Energy-Daily-Report-Sep-03-2021.pdf