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Market Recap Analytic Report (Weekly)
Production and Power Burn up week on week
Total supply is down about 0.3 Bcf/d for the week ending 5/19 compared to the prior week as production gains helped offset lower levels of Canadian imports. US production increased about 0.2 Bcf/d compared to last week, reaching an average of 71.2 Bcf/d over the last seven days. Production gains were driven by increases the Northeast, Southeast, Southwest, and Texas which were able to more than offset declines in the Rockies, Midcon Producing, and Midcon Market regions. In fact, the production average over the last seven days marks the strongest weekly average since late February. As previously mentioned, lagging Canadian imports compared to last week was the largest driver of limiting overall US supply, averaging 0.5 Bcf/d below last week at about 5.4 Bcf/d. On the demand side, total demand fell slightly week on week, dipping from 69.2 Bcf/d to 68.7 Bcf/d as power burn increases were slightly outpaced by rescomm declines. Power burn jumped from 21.8 Bcf/d last week to 24.8 Bcf/d at the same time rescomm fell 3.2 Bcf/d week on week. Additionally, exports to Mexico saw a modest increase this week, increasing from 4.1 Bcf/d to about 4.3 Bcf/d.
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