Suncor Energy Inc. T.SU

Alternate Symbol(s): SU

Energy Oil & Gas Integrated

Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading, offshore oil and gas production, petroleum refining in Canada and the United States and its Petro-Canada retail and wholesale distribution networks, including Canada’s Electric Highway, a coast-to-coast network of fast-charging electric vehicles (EV) stations. Petro-Canada has a network of over 1,800 retail and wholesale locations across Canada, providing customers with a wide variety of fuel and service offerings including low-carbon fuel options. It is developing petroleum resources while advancing the transition to a low-emissions future through investment in power and renewable fuels. It also wholly owns the Fort Hills Project, which is located in Alberta's Athabasca region, approximately 90 kilometers north of Fort McMurray.

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Suncor Energy Inc.

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Post by MigraineCallon Dec 06, 2023 11:04am

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Post# 35770977

EIA Crude -4.6, Gasoline +5.4, Dist +1.3

Crude draws, but gasoline builds.
More adjustment data to confuse the situation.
It doesn't matter though, crude will be pushed down lower in this current extreme negative market sentiment.

Large shift (again) of EIA's production crude adjustment factor, down by 2.704mbpd w/w to -1.417mbpd probably driven by underestimating exports

Massive negative adjustment in EIA’s report. Exports materially understated, while imports materially overstated.
Looks like based on tanker tracking activities, imports slated for this week or next week’s EIA report was counted in this week’s report.

A massive jump in modified adjustment following 3-weeks of near zero. Imports/export difference this week pushed modified adjustment to +916k b/d or 6.412 million bbls. If you use old methodology of "transfers to crude oil supply" + adjustment, it's +1.65 million b/d. This normally reverses shortly after. So take the 6.412 million bbls and carry it forward.

US petroleum inventories (crude, SPR, refined products) fell by 1.383mb w/w to 1,621.239mb last week - EIA

WTI Extends Losses To 5-Month Lows Despite Crude Draw, Production Decline

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EIA data, week ending 12/1
Crude oil: -4.6M
Domestic prod: 13.1MMbpd
SPR: +0.3M Cushing: +1.9M
Gasoline: +5.4M
Impld mogas demand: 8.47Mbpd
Distillates: +1.3M
Refiner utilz: 90.5%
Total exports: 10.94MMbpd

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OIL MARKET: One OPEC+ meeting and two verbal interventions later (by the Saudi and Russian oil ministers, not least), and the energy market remains skeptical the job is done. Brent crude is down to a 5-month low of $75 a barrel, and time-spreads are flirting with contango

US implied oil demand (product supplied) rose by 694kbpd w/w to 19.611mbpd last week w/w changes in kbpd
gasoline +260 to 8466
jet fuel -255 to 1417
distillate +742 to 3756
residual fuel oil -211 to 240
propane/propylene -217 to 998
other oils +374 to 4734
EIA

US crude imports by origin in kbpd incl. w/w changes
Canada +729 to 3972
Mexico +305 to 876
Saudi Arabia +259 to 400
Colombia +146 to 289
Iraq -12 to 166
Ecuador +140 to 252
Nigeria +52 to 226
Brazil +126 to 274
Libya +87 to 87

US Crude imports from Canada:

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