Suncor Energy Inc T.SU

EIA: Crude net draw, down 7.283 M, big product builds

[MigraineCall]

Refineries operated at 95.5% of their operable capacity last week...even higher than last week (waiting for something to break down at a refinery soon)


US crude imports by origin in kbpd incl w/w changes Canada +69 to 3423 Mexico +285 to 585 Saudi Arabia -64 to 274 Colombia +2 to 292 Iraq -111 to 252 Ecuador -83 to 159 Nigeria +109 to 159 Brazil -183 to 29 Libya -86 to 0 EIA #oott


US crude inventories fell by 7.283mb last week (commercial: -5.186mb SPR: -2.097mb) EIA #ott


EIA (wk ending 2 Dec) Crude: -5.187M Cushing: -0.373M Gasoline: 5.320M Distillates: 6.159M

US implied oil demand (product supplied) fell by 91kbpd w/w to 19.626mbpd last week w/w changes in kbpd gasoline +41 jet fuel -345 distillate -106 residual fuel oil +154 propane/propylene +383 other oils -218 EIA #oott


U.S CRUDE OIL INVENTORIES ACTUAL: -5186K VS -12581K PREVIOUS; EST -3418K U.S CUSHING CRUDE OIL INVENTORIES ACTUAL: -373K VS -415K PREVIOUS U.S GASOLINE INVENTORIES ACTUAL: 5319K VS 2770K PREVIOUS; EST 2474K U.S DISTILLATE INVENTORY ACTUAL: 6159K VS 3547K PREVIOUS; EST 2350K

Crude -5.187MM, Exp. -3.418MM Gasoline +5.319MM Distillate +6.159MM Cushing -373K Production +12.2MM/d, +100kbpd SPR drain: 2.1MM
EIA data, week ending 12/2 Crude oil: -5.2M Domestic prod: 12.2MMbpd SPR: -2.1M Cushing: -0.4M Gasoline: +5.3M Impld mogas demand: 8.36Mbpd Distillates: +6.2M Refiner utilz: 95.5% Total exports: 9.73MMbpd #oil #OOTT #gasbuddy #eia

[MigraineCall]

Here are the draws in crude, and now we are now in the seasonal build time for product, taking over the narrative. As product stockpiles increase and diesel and gasoline prices drop, this could hurt crack spreads.