The EIA natural gas storage number will be released today with tomorrow being Veteran’s Day. For today’s storage report our final projection is +5 Bcf (this week we take the average of S/D @ +5 & Scrape @ +3)
The current Bloomberg survey is +10 and Bloomberg whisper is currently at +8 (the whisper is the average of the 17 top analysts).
Here are the current ICE storage future settles as of yesterday.
Week 1 is +6 [today’s report]
Week 2 is +15
Week 3 is -31
There current end of Summer 2021 (Nov 12th) is 3620. [Last week was 3630]
There current end of Winter 2021/22 (Apr 8th) is 1430. [Last week was 1430]
Today’s Fundamentals
Daily US natural gas production is estimated to be 95.3 Bcf/d this morning. Today’s estimated production is +0.36 Bcf/d to yesterday, and -0.35 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 76.9 Bcf today, -0.06 Bcf/d to yesterday, and -6.91 Bcf/d to the 7D average. US power burns are expected to be 27.6 Bcf today, and US ResComm usage is expected to be 20 Bcf.
Net LNG deliveries are expected to be 11 Bcf today.
Mexican exports are expected to be 6.2 Bcf today, and net Canadian imports are expected to be 4.3 Bcf today.
The storage outlook for the upcoming report is +5 Bcf today.
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ION-Energy-Daily-Report-Nov-10-2021.pdf