Ansergy Gas Fundamental Update
Here is a look at some gas fundamentals,
Markets
SoCal Citygate fell $0.34 day-on-day after cresting at $3.36 on the 3rd. Every other hub has seen close to a 10% increase since Monday — Citygate is the only hub with a decrease in that span of time.
SoCal Border, for example, hit a low on the 1st at $1.95 and has increased $0.41 since.
Weather
Burbank saw five degrees added to its forecast for Saturday, bringing the high to 72 and par with the average line. The 9th also saw a boost as temps are expected to reach 83 now, 11 degrees above normal.
Salt Lake City minimums are shooting well above normal as today checks in at 14 above average and tomorrow at 16 above. Next week looks like more of the same as temps are not expected to fall below 40.
Fairly mild consecutive days in store for Sacramento as temps will stay in the mid to low 60’s through Saturday. Highs will peak at 76 by Monday but nothing warmer than that on the horizon.
Seattle lows will stay high through tomorrow as temps fail to drop below 49 tonight or even 50 tomorrow. Friday’s low is set at 52, nine degrees above normal. This mild weather will disappear this weekend however, as lows look to make a sustained journey below normal, even dropping into the 30’s late next week.
Northwest Gas Fundamentals
Demand sits at 1,564 MCF today and is projected to fall to 1,486 MMCF by tomorrow. Today’s demand equates to a 42 MCF decline week-on-week. NWP: Chehalis intertie fell 60,000 MCF day-on-day, while NWP: Stanfield moved the opposite direction, gaining 75,000 MCF.
Change in daily storage fell to -135,940 MCF, its largest withdrawal since March 8th.
WECC Interior Fundamentals
Palo Verde demand fell 35 MMCF day-on-day, settling at 1,368 MMCF. Despite the day-on-day drop, demand has risen 36 MMCF week-on-week. CPG – Thunder Chief continued its course of wild swings this year as the day-on-day change marked 60,000 MCF.
Southern California
SoCal Gas Report
Total system demand decreased 201,000 MCF day-on-day, and is down roughly 60,000 MCF compared to one week ago. Storage fell 337,681 MCF day-on-day and nearly 1,160,000 MCF since last week.
Transwestern: North Needles is on its longest stretch without an interruption. The intertie has averaged just above 250,000 MCF since Feb 21st.
Total System Demand has shed 540,000 MCF since April 3rd and has more than halved since the end of February.
Northern California
PGE Gas Report
On System demand fell 73,000 MCF day-on-day as Demand – Elec took the biggest hit of the three demand sub-groups, falling 70,000 MCF, while Ind and Core were mostly unchanged.
Storage moved just north of 0 today, settling at 37,000 MCF, the first addition to storage since April 1st. Storage is down 115,000 MCF overall since last week.
Have a great day,
William