Daily Market Report – June 30, 2022

For today’s storage report our final projection is +79 Bcf (S/D +79 and Flow +79).

This is the results of our flow estimate.

The current Bloomberg survey is +75 and Bloomberg whisper is currently at +74 (the whisper is the average of the 17 top analysts).

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

Week 1 is +60 [today’s report]

Week 2 is +74

Week 3 is +41

There current end of Summer 2022 (Nov 10^th) is 3520. [Last week was 3480]
There current end of Winter 2022/23 (Apr 13^th) is 1672. [no OI]

Today’s Fundamentals

Daily US natural gas production is estimated to be  94.9 Bcf/d this morning. Today’s estimated production is -0.59 Bcf/d to yesterday, and -1.28 Bcf/d to the 7D average. Production continues to be under pressure with today’s drop coming from the Northeast, and some from the South Central & Rockies.

Natural gas consumption is modelled to be 76.5 Bcf today,  +1.33 Bcf/d to yesterday, and +2.03 Bcf/d to the 7D average. US power burns are expected to be 40.8 Bcf today, and US ResComm usage is expected to be 8.2 Bcf.

Net LNG deliveries are expected to be 10.7 Bcf today. It’s noteworthy that Sabine is now performing well below its peak levels which might be due to maintenance at a train. Sabine volumes were also restated lower for yesterday to 3.8 Bcf/d to take total deliveries to 10.4 Bcf/d.

Mexican exports are expected to be 6.4 Bcf today, and net Canadian imports are expected to be 6.2 Bcf today.

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