Daily Market Report – Dec 02, 2021

For today’s storage report our final projection is -58 Bcf.

The current Bloomberg survey is -58 and Bloomberg whisper is currently at -57 (the whisper is the average of the 17 top analysts).

Here are the current ICE storage future settles as of yesterday.

Week 1 is -55 [today’s report]

Week 2 is -114

Week 3 is -153

There current end of Winter 2021/22 (Apr 8^th) is 1550. [Last week was 1465]

There current end of Summer 2022 (Nov 10^th) is 3600. [Last week was 3600]

Today’s Fundamentals

Daily US natural gas production is estimated to be  95.4 Bcf/d this morning. Today’s estimated production is -0.7 Bcf/d to yesterday, and -1.66 Bcf/d to the 7D average. We saw yesterday production level restated higher by 0.8 Bcf/d – hence we expect a similar change for today.

Natural gas consumption is modelled to be 82.2 Bcf today,  -6.42 Bcf/d to yesterday, and -12.49 Bcf/d to the 7D average. US power burns are expected to be 28.1 Bcf today, and US ResComm usage is expected to be 24.3 Bcf. Today’s forecast is well below the 10Y normal.

Net LNG deliveries are expected to be 10.7 Bcf today. Freeport is once again lower due to a one day maintenance event today. Sabine is also off by 1 Bcf/d from the peak last week. There is no reported maintenance at the terminal.

Mexican exports are expected to be 6.5 Bcf today, and net Canadian imports are expected to be 4.6 Bcf today.

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