Suncor Energy Inc. T.SU

EIA: Crude -10.6, Gasoline -0.2, Dist +1.2

[MigraineCall]

Boom...!
Another Huge Crude Draw.

Exports up, imports down.
Adjustment figs down.
Crude production same.



Oil inventory quick look WTI at $81.70, up 54 cents just prior Crude – DOWN 10.6 mm barrels (vs -1.6 exp) – SPR up 0.6 mm barrels – Throughput – unexpectedly down 0.175 mm bopd week to week after prior week’s high
Distillates – Up 1.2 mm barrels (vs -0.9 exp) – implied demand – down 0.135 mm bpd week to week – still quite soft. Nutshell: Bullish as weeklies go.




OIL MARKET: All the year-to-date increase in US commercial crude stockpiles has been wiped out, with inventories now essentially flat vs the begging of the year (422.9m last week vs 420.6m end of Dec 2022). But sure, demand is terrible

Cushing Crude Stockpiles Fell 1.9M Bbl Last Week: AlphaBBL Biden's oil trading desk about to be stopped out





US implied oil demand (product supplied) rose by 264kbpd w/w to 21.429mbpd last week w/w changes in kbpd gasoline +158 jet fuel +109 distillate -134 residual fuel oil -240 propane/propylene -335 other oil +708

US implied Oil Demand:


EIA data, week ending 8/26 Crude oil: -10.6M Domestic prod: 12.8MMbpd SPR: +0.6M Cushing: -1.5M Gasoline: -0.2M Impld mogas demand: 9.07Mbpd Distillates: +1.2M Refiner utilz: 93.3% Total exports: 10.41MMbpd


EIA (wk ending 25 August)
Crude: -10.584M
Cushing: -1.504M
Gasoline: -0.214M
Distillates: 1.235M

US preliminary crude imports by origin incl. w/w changes in kbpd
Canada -427 to 3405
Mexico -343 to 437
Saudi Arabia +241 to 462
Colombia +5 to 295
Iraq -51 to 232
Ecuador +136 to 328
Nigeria +55 to 144
Brazil +47 to 245
Libya -85 to 0

[matt2018]

thanks for the reports migraine..... crude draws dont move the oil price very much lately. Even large draws like today. The herd focus more on news out of China plus they really fear Powell's next move. Unless there is a shock to the system, oil traders arent buying the potential shortages. I noticed Libya imports into the U.S. were zero barrels for the week. But according to feds, Suncor is

[integrity11]

Thanks Migraine for all of the reports. I also follow the weekly EIA reports. Amazing that crude stock in US have fallen 96 million barrels in last 12 months and quite a bit more of you look past 12 months. There are a great many hedge funds/investment funds trying and mostly successful in their attempts to lower the oil price. For the most part they have been successful keeping it to the low 80s