Sent: Thursday, June 04, 2020 7:09:57 AM (UTC-06:00) Central Time (US & Canada)
Subject: Daily Market Report – June 4, 2020
TS Cristobal brought heavy rains to southern Mexico, and is forecasted to re-enter the GoM on Friday. There are news reports saying oil and gas platforms are starting to be evacuated already. Natgas prices are higher this morning.
The EIA reports natural gas storage inventories for week ending May 29th. Our projection stands at a + 107 Bcf injection. The current Bloomberg survey and whisper are 111 and 105, respectively. The next couple of reports will be interesting as we see the impacts of Cristobal on production, LNG tanker traffic, and nat gas consumption after it makes landfall.
Daily US natural gas production is estimated to be 83.6 Bcf/d this morning. Today’s estimated production is -0.8 Bcf/d to yesterday, and -0.85 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 69.1 Bcf today, +0.6 Bcf compared to yesterday and +4.4 Bcf to the 7D average. US power burns are expected to be 35.7 Bcf today, and US ResComm usage is expected to be 8.0 Bcf.
Net LNG deliveries are expected to be 5.1 Bcf/d today.
Mexican exports are 5.4 Bcf/d. Net Canadian imports dropped to 4.5 Bcf/d.
Bloomberg IM: Het Shah
enelyst DM: @het.co
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