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 > SPR release vs OPEC+ cuts

<< Previous

Bullboard Posts

Next >>

Comment by MigraineCallon Oct 27, 2022 3:12am

232 Views

Post# 35052144

RE:SPR release vs OPEC+ cuts

LOL. It may seem that way.

Recent OPEC cuts are actually a wash, as a 2mm bpd headline announced cut equates to about an 800K to 1mm bpd real production cut, which is offset by about a 750K bpd decrease in middle east oil burned there in the hot summer for power generation for cooling requirements, as they are now heading into a more temperate winter season.

The SPR releases are a temporary unsustainable inventory injection to commercial and global supply, which is a finite quantity, and will eventually run out very soon before requiring to be restocked.

In 6 months, SPR will likely be drained down to the point rendering it ineffective to lower oil price in a big way, yet another 750k bpd of oil demand for summer cooling will be needed again in the middle east.