Today the EIA is set to release the storage report for week ending July 31th. Our estimate continues to remain at +29 Bcf, with most in the same range. The Bloomberg survey is currently at +30 Bcf.
Weather continues to remain volatile after the storm ripped up the east coast earlier this week. We continue to see forecasts above the normal levels, but there is a large divergence between the ECMWF Ensemble and GFS Ensemble diverge past day 7. In yesterday 00z run, the GFS Ensemble lost a considerable amount of CDDs and that has not changed today.
Today’s Fundamentals:
Daily US natural gas production is estimated to be 85.1 Bcf/d this morning. Today’s estimated production is -0.48 Bcf/d to yesterday, and -0.75 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 70.5 Bcf today, -1.01 Bcf/d to yesterday, and -2.98 Bcf/d to the 7D average. US power burns are expected to be 38.14 Bcf today, and US ResComm usage is expected to be 7.5 Bcf.
Net LNG deliveries are expected to be 4 Bcf today.
Mexican exports are expected to be 6.1 Bcf today, and net Canadian imports are expected to be 4.2 Bcf today.
Bloomberg IM: Het Shah
enelyst DM: @het.co
Tel: 917-975-2960
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ION-Energy-Daily-Report-Aug-6-2020.pdf