Total power load is close to 5% higher this year relative to last year at the same time. As seen in the table below, the average US power demand over the last 30 days was 408 GWh (compared to 389 GWH LY, and 371 GWH 2Yrs ago). This along with lower coal availability is pushing gas burns higher. Luckily we have more installed wind and solar.
Today’s Fundamentals
Daily US natural gas production is estimated to be 96.6 Bcf/d this morning. Today’s estimated production is -0.91 Bcf/d to yesterday, and +0.12 Bcf/d to the 7D average. Production continues to move higher this week. Yesterday’s final nomination data pushed production above 97 Bcf/d. This was led by a move higher out of TX and the NE. The NE production levels are still about 1.0 Bcf/d lower than the highs set in late December.
Natural gas consumption is modelled to be 80.2 Bcf today, -4.55 Bcf/d to yesterday, and +0.47 Bcf/d to the 7D average. US power burns are expected to be 27.8 Bcf today, and US ResComm usage is expected to be 23.3 Bcf.
Net LNG deliveries are expected to be 12.7 Bcf today.
Mexican exports are expected to be 7.1 Bcf today, and net Canadian imports are expected to be 5.6 Bcf today.
The storage outlook for the upcoming report is +46 Bcf today.
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ION-Energy-Daily-Report-Apr-20-2022.pdf