The EIA reported a 35 Bcf injection to take total storage levels to 3,455 Bcf. There was not much of a reaction out of futures prices, as most were expecting an injection near these levels.
There is some positive news this morning out of the LNG front. Sabine Pass LNG began to receive 30 Mmcf/d through the Trunkline interconnect on Creole Trail. This is a small amount but a good sign that operations will be starting soon. Additionally there are tankers waiting to head to Sabine Pass. The Hoegh Gannet LNG Tanker is anchored only 11.8 mile southeast of the terminal. Coming up behind that tanker, the La Seine tanker also appears to be heading to Sabine Pass LNG as well.
Today’s Fundamentals:
Daily US natural gas production is estimated to be 85.9 Bcf/d this morning. Today’s estimated production is -0.57 Bcf/d to yesterday, and -0.36 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 72.8 Bcf today, -1.1 Bcf/d to yesterday, and +1.53 Bcf/d to the 7D average. US power burns are expected to be 38.74 Bcf today, and US ResComm usage is expected to be 7.8 Bcf.
Net LNG deliveries are expected to be 3.8 Bcf today.
Mexican exports are expected to be 6.7 Bcf today, and net Canadian imports are expected to be 3.7 Bcf today.
Bloomberg IM: Het Shah
enelyst DM: @het.co
Tel: 917-975-2960
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ION-Energy-Daily-Report-Sept-4-2020.pdf