From: research
Sent: Monday, June 08, 2020 7:08:00 AM (UTC-06:00) Central Time (US & Canada)
To: Het Shah (analytix.ai)
Subject: Daily Market Report – June 8, 2020
Cristobal has been downgraded to a tropical depression with sustained winds of 35 mph. The center of the tropical storm made landfall east of Grand Isle, Louisiana, just after 5:00 PM CDT on Sunday, reaching New Orleans by late evening. The National Hurricane Center expects the storm and its remnants to curve through the Midwest toward the Great Lakes through early this week.
The storm no presents a supply problem to natgas markets. It’s biggest threat will be flooding from heavy rain bands as well as storm surge.
The Bureau of Safety and Environment Enforcement (BSEE.org) reported 185 platforms were evacuated in the GoM. This knocked out 34% of offshore oil production (0.635 mmbbl/d) and 32% of offshore natural gas production (879 mmcf/d). We expect production to resume quickly this week.
Today’s Fundamentals:
Daily US natural gas production is estimated to be 83.9 Bcf/d this morning. Today’s estimated production is +0.1 Bcf/d to yesterday, and -0.3 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 69.0 Bcf today, +7.1 Bcf compared to yesterday and +3.2 Bcf to the 7D average. US power burns are expected to be 35.8 Bcf today, and US ResComm usage is expected to be 8.6 Bcf.
Net LNG deliveries are expected to be 3.9 Bcf/d today.
Mexican exports are 5.3 Bcf/d. Net Canadian imports dropped to 3.3 Bcf/d.
Bloomberg IM: Het Shah
enelyst DM: @het.co
Tel: 917-975-2960
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ION-Energy-Daily-Report-June-8-2020.pdf