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 Aug 30, 2023 10:00am

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Post# 35611697

Global Crude Inventories Near Record Lows

Global oil inventories are now only 10MM Bbls away from the record deficit set in June 2022, which reversed solely due to the largest release from the US SPR in history.

Here is yesterday's API report:

Crude -11.486 million
Gasoline +1.40 million
Distillates +2.46 million
Cushing -2.23 million
SPR +600,000

If EIA numbers today come close to confirm yesterday's API crude report, we may be entering new record inventory lows, setting the stage for the supply demand imbalance that continues to bring higher prices going forward.

Keep in mind that the record crude $143 US/bbl in 2008 is the equivalent to $200 US/bbl in today's money. Not saying that I expect to get there soon, but it shows that there is a lot of upside runway left in crude prices before reaching a record high.

For those of us holding SU long, we are up more than 20% recently as the share prices broke out from the trap of the bull pennant, and as SU continues to catch up to the valuations of the peers.

Got oil?

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