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. The Company 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 > JP Morgan see WTI at 150.00 in 2023

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Comment by PUNJABIon Jan 30, 2022 4:09pm

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Post# 34376408

RE:JP Morgan see WTI at 150.00 in 2023

Most likely oil will trade above $100. At $125 to $150 range it is not sustainable in the long run. It will cause demand destruction, ruin the economies, clean energy will become viable with tax credits. Oil is currently trading in backwardation which is bullish for oil. It needs to stay that way.

https://www.cmegroup.com/markets/energy/crude-oil/west-texas-intermediate-wti-crude-oil-calendar-swap-futures.html

While Morgan Stanley & Bank of America are bullish on oil and are pumping their book. On the other side, Standard Chartered & Bloomberg does not share the same very bullish opinion and says that oil production in the US may already be slipping into the surplus territory. WTI prices are influenced by the inventory data.

Even If the oil markets become stable at the current price levels most oil companies will do great. Pay off their debts, pay dividends and buy back shares. You don't want to have too much volatility in oil prices. Not good for the performance of oil stocks it is better for oil companies to have stability and with small gradual growth.

Saudi Arabia and UAE have substantial excess oil capacity most likely Saudis would not allow prices to stay $100 and allow US shales to come back they will like to maintain and increase their market shares. For a while, they had to cut about 6 million barrels a day. If the sanctions are removed from Iran more oil will come to the markets. Libyan production will come back sometime in the future. Suncor production in Libya has also been shut down for a while.