Power Burns eclipsed 40 Bcf/d last week on Thursday, and is expected to do so again today. With more heat on its way, we’re expecting burns to remain above 40 Bcf/d for most of July.
The current 15D forecast remains above the 10Y normal for most of the forecast period. There is good alignment between the two models for the 1-5 period, but beyond that the ECMWF Ensembles showing more heat.
Today’s Fundamentals:
Daily US natural gas production is estimated to be 84.9 Bcf/d this morning. Today’s estimated production is -0.17 Bcf/d to yesterday, and +0.12 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 75.0 Bcf today, +2.5 Bcf compared to the yesterday and +2.6 Bcf to the 7D average. US power burns are expected to be 41.2 Bcf today, and US ResComm usage is expected to be 7.3 Bcf.
Net LNG deliveries are expected to be 3.1 Bcf/d today.
Mexican exports are 5.6 Bcf/d. Net Canadian imports increased to 4.1 Bcf/d.
Bloomberg IM: Het Shah
enelyst DM: @het.co
Tel: 917-975-2960
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ION-Energy-Daily-Report-July-6-2020.pdf