Suncor Energy Inc T.SU

EIA net draw: -5.972 mmbbls

[MigraineCall]

EIA tweets:

US crude inventories fell by 5.972mb last week
(commercial: +2.442mb ;
SPR: -8.414mb ) EIA #oott

Crude 2.442MM, Exp. 1.850MM
Gasoline -1.767MM
Distillate +4.219MM
Cushing -135K
Production unch
Net of record 8.4MM SPR drain, crude draw was 6MM


US implied oil demand (product supplied) fell by 579kbpd w/w to 19.313mbpd last week w/w changes in kbpd gasoline -233 jet fuel +54 distillate -492 residual fuel oil -252 propane/propylene -555 other oils +898 EIA #oott


Oil Inventory Quick Look WTI at $1.40 just prior Crude - Up 2.4 mm barrels (vs +2.5 exp) - SPR release of 8.4 mm barrels - throughput - up about 70,000 bopd week to week week. - imports - down 0.97 mm bopd w-t-w - exports - up slightly w-t-w

Crude Stocks Change (000 barrels)
2015 102,384
2016 32,144
2017 (59,500)
2018 16,918
2019 (11,518)
2020 55,600
2021 (67,600)
YTD 2021 (68,100)
YTD 2022 11,700
for reference SPR YTD 2022 (159,582)

- What happened? SPR releases replaced imports! - Imports declined significantly. Demand for crude by refineries and exports are virtually the same. Imports declined significantly. #Oil #OOTT #COM

Oil Inventory Quick Look WTI at $1.40 just prior Crude - Up 2.4 mm barrels (vs +2.5 exp) - SPR release of 8.4 mm barrels - throughput - up about 70,000 bopd week to week week. - imports - down 0.97 mm bopd w-t-w - exports - up slightly w-t-w #eia #oott

Nutshell: Positive side of neutral type report. Total exports remain strong. Throughput came back from Whiting about as exp. Mkt may read as a "meh" report on the implied gasoline figure and on the big dist build but distillates are extremely understored and below the envelope.