Suncor Energy Inc. T.SU

EIA: 16.3m build due to 13.8m 'Adjustment'

[MigraineCall]

Big Crude build due to an inventory calculation 'Adjustment'. LOL

Market knows better to fall for the headfake...


*US PADD 5 GASOLINE STOCKS FALL TO LOWEST SINCE AUG. 2015: EIA
*US EAST COAST CRUDE STOCKS FALL TO LOWEST SINCE JAN 2022:EIA

Crude +16.283M, Exp. +2.0M Distillates -1.285M, Exp. +1.0M Gasoline +2.316M, Exp. +1.5M Cushing +659K Production unch

Crude oil supply adjustment rose by 2.669mbpd to 1,967mbpd last week - EIA

EIA (wk ending 10 Feb) Crude: 16.283M Cushing: 0.659M Gasoline: 2.317M Distillates: -1.285M


US implied oil demand (product supplied) rose by -1.234mbpd w/w to 19.302mbpd last week w/w changes in kbpd gasoline -154 jet fuel -101 distillate +132 residual fuel oil +525 propane/proplylene -821 other oils -821 EIA

[MigraineCall]

Initial response was that the market was ignoring the build data. The oil market is indeed falling for it, magnified in the prices of the producers. Time to go down. XLE down almost 3%. There are a lot of stops that the algos need to run before it is over.

[rattleandhum]

Good summary reviewing the irritating adjustment from in Morningstar: https://www.morningstar.com/news/marketwatch/20230215511/oil-futures-fall-as-us-crude-supplies-post-a-weekly-climb-of-more-than-16-million-barrels Simply put, this adds to volatility in the coming weeks/months. However, IEA expects the crude market to fall into deficit in second half of the year where there is a risk to the

[ziggy1410]

These Adjustments fuel headlines and are a Shorters weapon....somewhat manipulative,,,,