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.

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Suncor Energy Inc > EIA Inventories Report Massive Draw: 10.64 M bbls

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Comment by MigraineCallon Nov 16, 2022 1:19pm

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Post# 35104021

RE:RE:EIA Inventories Report Massive Draw: 10.64 M bbls

Yes. Nearly every commodity is red today.

Good retail sales numbers lead to more hikes, so it deflated the indexes. Not a risk on day.

XLE is down about 2% in the US, and getting continued selling pressure, which our large Canadian oil companies mirror.

Realize also, gasoline and diesel normally drop in price this time of year, which act to push down crude prices.

The long term outlook for oil keeps looking better every day. We still have positive news with declining inventories, OPEC cutbacks of 1M bbls in November, and tankers being bombed by Iran.

Conditions are good for a possible bounce in oils this afternoon, or soon. Watching the divergence, as XLE broke the link with oil and is following the SP500.

I'm ready to add to positions that have had some nice retracement so far, MEG, BTE, CNQ, and HWX, for a trade if I see some good entries. Might even take a position on XLE, will see what it does if it leads the oils down.