From: research
Sent: Tuesday, June 09, 2020 7:20:32 AM (UTC-06:00) Central Time (US & Canada)
To: research
Subject: Daily Market Report – June 9, 2020
The Bureau of Safety and Environment Enforcement (BSEE.org) reported 179 platforms still evacuated in the GoM as of yesterday. Oil production is off by 0.629 mmbbl/d or 34%, while natural gas production is off by 952 mmcf/d or 35%.
Top producers in the US Gulf of Mexico are beginning to resume drilling operations and bring production volumes back online now that Tropical Depression Cristobal is onshore and most deepwater oil and gas facilities were left unscathed
BP had reduced outputs at its Thunder Horse, Atlantis and Na Kika platforms in the Gulf which produced more than 200,000 boe/d. In a statement yester, BP said they are started to resume operations at it’s four platforms.
The BNEF nat gas estimate shows production ramping back up today by 239 mmcf/d.
Today’s Fundamentals:
Daily US natural gas production is estimated to be 83.3 Bcf/d this morning. Today’s estimated production is -1.15 Bcf/d to yesterday, and -0.9 Bcf/d to the 7D average.
Natural gas consumption is modelled to be 69.7 Bcf today, +2.62 Bcf compared to yesterday and +4.1 Bcf to the 7D average. US power burns are expected to be 36.8 Bcf today, and US ResComm usage is expected to be 8.4 Bcf.
Net LNG deliveries are expected to be 3.6 Bcf/d today.
Mexican exports are 5.7 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-9-2020.pdf