The EIA reported an injection of 49 Bcf natural gas into storage for the week ended July 16. The report was bearish relative to analysts’ expectations and historic averages, and initially it did send natural gas prices lower. By late day we did see the August contract cross $4.
Daily US natural gas production is estimated to be 91.5 Bcf/d this morning. Today’s estimated production is -0.57 Bcf/d to yesterday, and -0.61 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 72.8 Bcf today, -1.76 Bcf/d to yesterday, and -1.93 Bcf/d to the 7D average. US power burns are expected to be 38.7 Bcf today, and US ResComm usage is expected to be 7.8 Bcf.
Net LNG deliveries are expected to be 10.1 Bcf today.
Mexican exports are expected to be 7.4 Bcf today, and net Canadian imports are expected to be 5 Bcf today.
The storage outlook for the upcoming report is +39 Bcf today.
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