From: research
Sent: Wednesday, June 10, 2020 7:09:49 AM (UTC-06:00) Central Time (US & Canada)
To: research
Subject: Daily Market Report – June 10, 2020
Our storage estimate for week ending June 5 is 97 Bcf injection. The S/D balances show injection at a slower rate than last week with most of the components moving around week on week. ResComm demand is near seasonal lows, but power generation consumption is starting to move higher each week as the summer heat comes on. LNG was off 1.0 Bcf/d with the start of June, as liquefaction rates dropped with LNG cancellations.
Dominion reported a 9 Bcf injection for the week ending June 5, which was 1.2 Bcf higher than the five-year average build. TCO injected 8 Bcf for the week. Outright inventories at both facilities are trending close to normal.
We expect, next week’s report for week ending June 11 to be volatile as TS Cristobal impacted GoM production, Gulf Coast to Midwest consumption, and LNG traffic.
Today’s Fundamentals:
Daily US natural gas production is estimated to be 83.8 Bcf/d this morning. Today’s estimated production is -0.42 Bcf/d to yesterday, and -0.45 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 69.9 Bcf today, +0.04 Bcf compared to yesterday and +3.37 Bcf to the 7D average. US power burns are expected to be 36.5 Bcf today, and US ResComm usage is expected to be 8.0 Bcf.
Net LNG deliveries are expected to be 3.9 Bcf/d today.
Mexican exports are 5.9 Bcf/d. Net Canadian imports increased to 3.7 Bcf/d.
Bloomberg IM: Het Shah
enelyst DM: @het.co
Tel: 917-975-2960
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ION-Energy-Daily-Report-June-10-2020.pdf