Daily Market Report – Dec 09, 2021

For today’s storage report our final projection is -53 Bcf.

The current Bloomberg survey is -55 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 -61 [today’s report]

Week 2 is -84

Week 3 is -55

There current end of Winter 2021/22 (Apr 8^th) is 1615. [Last week was 1550]

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 96 Bcf/d this morning. Today’s estimated production is -0.49 Bcf/d to yesterday, and -0.58 Bcf/d to the 7D average. We have been seening production noms revised higher by 0.5-0.8 Bcf/d; hence today’s production level is likely flat with yesterday.

Natural gas consumption is modelled to be 99 Bcf today,  -6.14 Bcf/d to yesterday, and +3.5 Bcf/d to the 7D average. US power burns are expected to be 29.7 Bcf today, and US ResComm usage is expected to be 37.2 Bcf.

Net LNG deliveries are expected to be 12.2 Bcf today. Cheniere has loaded its first cargo from the Train 6 expansion at the Sabine Pass terminal in Louisiana. Feed gas was introduced in September. The company expects full commissioning to be completed in 1Q2022.

Mexican exports are expected to be 6.5 Bcf today, and net Canadian imports are expected to be 5.2 Bcf today.

The storage outlook for the upcoming report is -53 Bcf today.

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