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 production; petroleum refining in Canada and the United States; and the Company’s Petro-Canada retail and wholesale distribution networks (including Canada’s Electric Highway, a coast-to-coast network of fast-charging electric vehicle (EV) stations). The Company is developing petroleum resources while advancing the transition to a lower-emissions future through investments in lower-emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. The Company also conducts energy trading activities focused primarily on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. It also wholly owns the Fort Hills Project, which is located in Alberta's Athabasca region.

TSX:SU - Post by User

Suncor Energy Inc > EIA confirms API yesterday: Big Draws across the board

<< Previous

Bullboard Posts

Next >>

Comment by MaximusGainuson Jul 27, 2022 11:14am

167 Views

Post# 34853750

RE:EIA confirms API yesterday: Big Draws across the board

Thanks.

After releasing 146 million bbls from the SPR over the last 12 months, US commercial inventories are 17 million bbls LOWER than they were last year in July 2021.

Thats OK. Replenishment is supposed to happen after 2023, when oil is cheaper.

What if it is not?

What happens to WTI prices in October when the SPR releases stop topping off commercial inventories by a million bbls a day?

I heard Biden and the dems have a trick up their sleeve with their next brilliant plan, as it worked before. They are going to print more oil.

I'm well positioned in Canadian oils, and got my bucket of popcorn ready to sit back and watch this man made storm make landfall starting this fall.

MigraineCall wrote: OK. Markets are nervously waiting for the shoe to drop, but with the slight reduction in demand so far, it just ain't happening.

Demand destruction is going to have to get a whole lot worse in order to start to slow down these massive decreases in inventories week by week across the board. How long till the market wakes up?

US crude inventories fell by 10.127mb last week (commercial -4.523mb, SPR -5.604mb)

U.S CRUDE OIL INVENTORIES ACTUAL: -4523K VS -445K PREVIOUS; EST -1500K

U.S CUSHING CRUDE OIL INVENTORIES ACTUAL: 751 VS 1143K PREVIOUS

U.S GASOLINE INVENTORIES ACTUAL: -3304K VS 3498K PREVIOUS; EST -1000K

U.S DISTILLATE INVENTORY ACTUAL: -784K VS -1295K PREVIOUS; EST -500K

EIA data, week ending 7/22
Crude oil: -4.5M
Domestic prod: 12.1MMbpd
SPR: -5.6M Cushing: +0.7M
Gasoline: -3.3M
Impld mogas demand: 9.25MMbpd
Distillates: -0.8M
Refiner utilz: 92.2%
Total exports: 10.87MMbpd

US implied oil demand (product supplied) fell by 1.049mbpd w/w to 19.976mbpd last week w/w changes in kbpd :
gasoline +724
jet fuel +27
distillate +53
residual fuel oil +13
propane/propylene -506
other oils -1460

Javier Blas

@JavierBlas

 					OIL MARKET: After releasing 146 million barrels from the SPR over the last year, US crude commercial inventories are still 17 million barrels lower than they were in July 2021. If the US doesn't extend the SPR releases beyond October, the winter is going to get interesting

<< Previous

Bullboard Posts

Next >>

Eminent acquires promising Nevada gold project