From: research
Sent: Monday, April 06, 2020 7:07:30 AM (UTC-06:00) Central Time (US & Canada)
To: research
Subject: Daily Market Report – April 6, 2020
Natural gas prices rose early this morning following the lead of crude prices. The prompt month contract briefly hit 1.70, before weakening to 1.67.
Weather over the next 15 day is forecast to be cooler than normal. Both the GFS Ensemble and ECMWF Ensemble show weather in the 6-10 & 11-15 day range hovering near levels we expect at the end of March.
Fundamentals:
Daily US natural gas production is estimated to be 91.1 Bcf/d this morning. Today’s estimated production is -0.4 Bcf/d lower than yesterday, and -0.77 lower higher than the 7D average.
Natural gas consumption is modelled to be 76.5 Bcf today, -3.38 Bcf lower than yesterday and -4.68 Bcf lower than the 7D average. US power burns are expected to be 24.7 Bcf today, and US ResComm usage is expected to be 22.5 Bcf.
Net LNG deliveries are expected to be 8.5 Bcf/d today. This lower number comes after seeing above 9 Bcf/d for the last 2 weeks of March.
Mexican exports are 5.1 Bcf/d. Canadian imports dropped to 2.3 Bcf/d.
Bloomberg IM: Het Shah
enelyst DM: @het.co
Tel: 917-975-2960
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ION-Energy-Daily-Report-Apr-6-2020.pdf