Surge Energy Inc (Alberta) T.SGY

Alternate Symbol(s): ZPTAF | T.SGY.DB.B

Energy Oil & Gas E&P

Surge Energy Inc. is a Canada-based oil focused exploration and production company. The Company’s business consists of the exploration, development and production of oil and gas from properties in western Canada. Its operations include Sparky and SE Saskatchewan. Its supporting assets include Valhalla, Greater Sawn and Shaunavon. The Sparky operation offers light/medium crude oil production with compelling returns. The SE Saskatchewan operation maintains asset base oil operating netbacks. It has low-cost wells with short payouts and potential for continued area consolidation. The Valhalla operation is offering stacked pay multi-zone potential with light oil and provides range of area infrastructure and access to multiple egress options supports attractive operating netbacks. The Shaunavon operation is producing low decline, medium gravity crude oil with high operating netbacks. Its Greater Swan operation consists of concentrated light oil asset with conventional slave point reefs.

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Surge Energy Inc (Alberta)

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Post by Carjackon Nov 14, 2023 6:32pm

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Post# 35735641

API

United States API Weekly Crude Stock

Actual:1.335M

Forecast:1.400M

Previous:11.900M

Importance:

Release Date:Nov 14, 2023

Currency:USD

Country: United States

Source Of Report:American Petroleum Institute

Crude oil inventories in the United States rose again this week, adding 1.335 million barrels into inventory for week ending November 10, according to The American Petroleum Institute (API), after a 11.9-million-barrel rise in crude inventories in the week prior, API data showed. Analysts had expected a 1.4 million barrel build.

API data now shows a net build in crude oil inventories in the United States of 11.9 million barrels so far this year.

On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) stayed the same for the sixth week in a row, with the SPR inventory still sitting at a near 40-year low of 351.3 million barrels, with total purchases for the SPR coming in at less than 4 million barrels since the Biden Administration began its buyback program.

Oil prices were trading down ahead of API datarelease, with Brent trading down 0.06% at $82.47 at 4:03 p.m. ET—a roughly $0.70 increase week over week. The U.S. benchmark WTI was trading down on the day by 0.01%, at $78.25. WTI is up nearly $0.75per barrel from this same time last week.

Gasoline inventories rose this week by 195,000barrels, partially offsetting the 400,000 barrel decreasein the week prior. Distillate inventories fell this week, by 1.022 million barrels, on top of the 2.0-million-barrel draw in the week prior, while Cushing rose by 1.136 million barrels.