From: research
Sent: Wednesday, May 20, 2020 7:08:54 AM (UTC-06:00) Central Time (US & Canada)
To: research
Subject: Daily Market Report – May 20, 2020
Bloomberg’s natural production estimate continues to slide each day. Today’s modelled production shows has production at 82.2 Bcf/d which seems a bit to aggressive. Over the past 30 days, Gulf production is down ~4.2 Bcf/d, Midcon production is lower by 1.6 Bcf/d and Northeast production is lower by 1.5 Bcf/d.
Source: Bloomberg NEF
For tomorrow’s EIA storage report for week ending May 15th, we are projecting a +79 Bcf injection. Total consumption for the week was higher by 5.4 Bcf/d, with ResComm making up the majority of the increase due to cooler than normal temps. LNG was off by 0.8 Bcf/d week-on-week, helping put some volumes back in storage. The Bloomberg Survey is currently at 81 Bcf.
Fundamentals:
Daily US natural gas production is estimated to be 82.2 Bcf/d this morning. Today’s estimated production is -0.8 Bcf/d lower than yesterday, and -2.1 lower than the 7D average.
Natural gas consumption is modelled to be 61.7 Bcf today, +0.77 Bcf higher than yesterday and -2.7 Bcf lower than the 7D average. US power burns are expected to be 26.1 Bcf today, and US ResComm usage is expected to be 12.7 Bcf.
Net LNG deliveries are expected to be 5.9 Bcf/d today.
Mexican exports are 5.5 Bcf/d. Net Canadian imports dropped to 4.2 Bcf/d.
Bloomberg IM: Het Shah
enelyst DM: @het.co
Tel: 917-975-2960
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ION-Energy-Daily-Report-May-20-2020.pdf