Suncor Energy Inc. T.SU

EIA Crude draw -12.5m, Gasoline -2.1m Dist -0.6m

[MigraineCall]

Better go race to fill your tanks ASAP.

Massive crude draws, biggest drawdowns in over 6 months and twice as big as API reported, even in the face of SPR drawdowns.

Product draws continue.

Net imports/exports including SPR down 1.2m bpd.


Crude: -12.456M Cushing: 1.762M Gasoline: -2.053M Distillates: -0.562M









https://www.zerohedge.com/energy/wti-extends-gains-after-huge-crude-draw-8th-straight-week-spr-drains





Oil - DOWN 12.5 mm barrels (vs +0.7 exp) - SPR released 1.6 mm barrels - Throughput - 16.069 mm bopd, new 2023 high - Imports - Down 1.0 mm bopd week to week - Exports - up 0.24 mm bopd w-t-w



Oh look, DOE's "adjustment" fudge factor collapses and suddenly we see a near-record draw

oil imports plummeted 1mbpd to 5.85mbpd, while exports jumped nearly 250kbpd to 4.55mpbd, product supplied in line with run up to a major holiday, gasoline inventories see slight slip

What surprises await when OPEC+ meets June 4?

[matt2018]

Notice that after OPEC official starts hinting about possibly "taking more action" in the upcoming June 4 meeting, the U.S. reports large crude draws? They dont want more cuts. That would be devasting. At the same time, its going to be a natural thing with rig count/new investment collapsing. With EIA predicting 2023 demand to outstrip current supply (future supply could be in even worse

[MigraineCall]

Data for imports by country this week is not out yet on the EIA site for some reason. When it is published, it will be on table 8 on the EIA site. https://www.eia.gov/petroleum/supply/weekly/?utm_source=Twitter&utm_medium=EIAsocial&utm_id=FirstUpdate Table 8 link: https://www.eia.gov/dnav/pet/pet_move_wimpc_s1_w.htm

[matt2018]

thank Migraine..... Cdn imports were actually up from last week. It was the OPEC nations that all cut imports into the U.S. Nigeria especially had a very large cut (perhaps other problems going on there). If these cuts/draws persist, I can see the administration raising the issue of banning Exports again like they did last year when Oil price shot up (even though they were advised it would make

[MigraineCall]

All the talk of the US banning oil exports is made by people that don't have a clue about the US energy industry. Most in the industry don't even listen to them they are so out of line with reality. Most refiners in the US are made 30 years ago, and can't process all the light sweet WTI crude that the US produces. They need medium and heavy sours as feedstock which need to be

[matt2018]

Agreed, this admin is absolutely clueless on energy.  When a reporter once asked current U.S. Energy Secretary Jennifer Granholm how many bbl/day of oil the U.S. consumed, she did not know. She answered, "I dont have that information in front of me". Its one thing to accept a position you know nothing about, but once you take it, dont you want to learn as much as possible about it

[pooltec]

Alberta grass fire season