The short-term weather forecast trended warmer on the most part since Friday’s 12Z run. The Euro Ensemble was warmer across the entire period – losing 8 HDDs. The Jan contract is trading slight lower on the warmer outlook. As a reminder Jan futures expire on Dec 29th, and Jan options expire on Dec 28th.
According to the NWS, The first half of January sees increased chances for above-normal temperatures across the Lower 48 states, with patterns conducive for #noreaster activity impacting parts of the Mid-Atlantic and Northeast. Below is the week 3-4 outlooks (Jan 2-15).
Today’s Fundamentals
Daily US natural gas production is estimated to be 90 Bcf/d this morning. Today’s estimated production is -0.82 Bcf/d to yesterday, and -0.81 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 93.7 Bcf today, -4.16 Bcf/d to yesterday, and -15.11 Bcf/d to the 7D average. US power burns are expected to be 26.94 Bcf today, and US ResComm usage is expected to be 35.7 Bcf.
Net LNG deliveries are expected to be 10.6 Bcf today.
Mexican exports are expected to be 5.9 Bcf today, and net Canadian imports are expected to be 6 Bcf today.
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ION-Energy-Daily-Report-Dec-21-2020.pdf