The EIA reported an injection of 65 Bcf natural gas storage for the week ending Sept. 18. The prompt month prices momentarily jumped higher with the tighter than expected number. In our opinion, this number offset the higher than expected 89 Bcf injection the previous week. When both number are taken together, the EIA reported estimates hit analyst expectations almost exactly.
LNG feedgas deliveries are on the road to recovery with Sabine Pass and Freeport resuming operations after TS Beta went through their sites last week.
Today’s Fundamentals:
Daily US natural gas production is estimated to be 84.5 Bcf/d this morning. Today’s estimated production is -0.34 Bcf/d to yesterday, and -1.66 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 66.7 Bcf today, +1.52 Bcf/d to yesterday, and +0.37 Bcf/d to the 7D average. US power burns are expected to be 33.94 Bcf today, and US ResComm usage is expected to be 8.1 Bcf.
Net LNG deliveries are expected to be 6.5 Bcf today.
Mexican exports are expected to be 6.5 Bcf today, and net Canadian imports are expected to be 3.7 Bcf today.
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ION-Energy-Daily-Report-Sept-25-2020.pdf