Daily Market Report – Sept 7, 2021

After the long week, offshore production in the Gulf Coast and power along the Louisiana coast are still struggling to return. That being said, there was some progress. The BSEE estimates that approximately 81% percent of the gas production in the Gulf of Mexico is still shut in. Below is the full timeline of data released by BSEE.

Here is the latest update from Entergy (Sept 6^th @ 10:30am):

“Just eight days after being struck by one of the most destructive hurricanes to ever hit the United States, more than half of the 948,000 total customers who lost power have been restored. As of 6 a.m. today, 54%, or 513,000, had been restored.”

“Distribution system damage in Louisiana and Mississippi at 9 p.m. Sept. 4 included 30,679 poles, 36,469 spans of wire and 5,959 transformers damaged or destroyed. The number of poles damaged or destroyed is more than Katrina, Ike, Delta and Zeta combined.

Of the 225 affected transmission substations, 181 have returned to service as of 8 a.m., Sept. 5 as well as 145 of 211 affected transmission lines. More than 824 miles of transmission lines remain out of service.”

Today’s Fundamentals

Daily US natural gas production is estimated to be  89.9 Bcf/d this morning. Today’s estimated production is -1.23 Bcf/d to yesterday, and -1.12 Bcf/d to the 7D average.

Natural gas consumption is modelled to be 66.8 Bcf today,  +0.91 Bcf/d to yesterday, and -2.55 Bcf/d to the 7D average. US power burns are expected to be 33 Bcf today, and US ResComm usage is expected to be 7 Bcf.

Net LNG deliveries are expected to be 10.9 Bcf today.

Mexican exports are expected to be 6.8 Bcf today, and net Canadian imports are expected to be 4.6 Bcf today.

The storage outlook for the upcoming report is +46 Bcf today.

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