From: research
Sent: Friday, May 29, 2020 7:25:06 AM (UTC-06:00) Central Time (US & Canada)
To: research
Subject: Daily Market Report – May 29, 2020 (report attached)
Report was not attached to the last email.
Yesterday the EIA reported a 109 Bcf injections into storage for the week ending May 22. The 5Yr (2015–19) average net injections was 93 Bcf and LY the net injections was 110 Bcf during the same week. Working natural gas stocks totaled 2,612 Bcf, which is 423 Bcf more than the five-year average and 778 Bcf more than last year at this time
Our early view for next week current sits at 98 Bcf/d. Our S/D shows week ending May 29 very similar to the previous storage week except for some heat lowering rescomm (-2.6 Bcf/d WoW) consumption and adding some power burns (+3.2 Bcf/d WoW).
Higher consumption led to tighter balances by ~1.4 Bcf/d week on week leading to a smaller build.
Today’s Fundamentals:
Daily US natural gas production is estimated to be 83.7 Bcf/d this morning. Today’s estimated production is +0.33 Bcf/d to yesterday, and +0.23 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 65.5 Bcf today, -0.3 Bcf compared to yesterday and +1.14 Bcf to the 7D average. US power burns are expected to be 32.8 Bcf today, and US ResComm usage is expected to be 8.1 Bcf.
Net LNG deliveries are expected to be 6.3 Bcf/d today.
Mexican exports are 5.1 Bcf/d. Net Canadian imports dropped to 3.9 Bcf/d.
Bloomberg IM: Het Shah
enelyst DM: @het.co
Tel: 917-975-2960
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ION-Energy-Daily-Report-May-29-2020.pdf