We are expecting a 79 Bcf injection for tomorrow’s storage report for week ending September 18th. Last week’s number was well above our expectation; hence this week’s estimate was moved higher to account for the big error from last week. US natural gas dry production was lower week on week with domestic production averaging 87.1 Bcf/d for the week. The decrease is a result of GoM production dropping due to Hurricane Sally knocking out production for a couple of days. Most of this did resume by the weekend. Total natural gas demand was lower than the previous week. Power burns were lower by 1.9 Bcf/d week-on-week. Canadian imports were once again lower last week averaging 3.8 Bcf/d. Mexican exports averaged of 6.2 Bcf/d. Deliveries to LNG facilities averaged 7.3 Bcf/d, up 2.1 Bcf/d week on week. Total feedgas levels are now back to levels seen in late-April.
Below is the storage levels at the facilities that report on a weekly basis. DTI and TCO are showing 89% of full, while SSE is 92% full.
vs. Last Week vs. Last Year Current Storage Level % of Peak Recorded
DTI +8 +8 263 89%
Hardy 0 +1.1 13.2 99%
Columbia Gas +7.1 +5.8 226.5 89%
Southern Star +0.4 +2.4 42.2 92%
Today’s Fundamentals:
Daily US natural gas production is estimated to be 83.4 Bcf/d this morning. Today’s estimated production is -2.26 Bcf/d to yesterday, and -3.49 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 65 Bcf today, -2.02 Bcf/d to yesterday, and -2.23 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 8.1 Bcf.
Net LNG deliveries are expected to be 4 Bcf today.
Mexican exports are expected to be 6.6 Bcf today, and net Canadian imports are expected to be 3.5 Bcf today.
Bloomberg IM: Het Shah
enelyst DM: @het.co
Tel: 917-975-2960
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ION-Energy-Daily-Report-Sept-23-2020.pdf