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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
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Post by MigraineCallon Aug 16, 2023 11:01am
211 Views
Post# 35590932

EIA Crude -6.0, Gasoline -0.3, Dist +0.3

EIA Crude -6.0, Gasoline -0.3, Dist +0.3
No big surprises in EIA report. Exporting one more cargo per day of gasoline than importing and demand is subpar at 8.851 mil b/d. Distillate output tumbles 182k/day even though we are exporting 1 mil b/d more distillate than importing. Shaky supplies of diesel overall.

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US oil production surged again last week - despite the decline in the rig count - up to near pre-COVID levels. Includes condensates.

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US implied oil demand (product supplied) in mbpd - EIA

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For the bullish second-half outlook to play out we'll need to see many more of these draws (without the intervening builds!) over the coming months. Inventory-driven bull cycles are a marathon, not a sprint.

US domestic crude oil production has reached 12.7 million barrels per day, up 600,000 barrels per day from one year ago, the highest level since 2020.

US petroleum (crude, SPR, refined products) inventories fell by 6.797mb w/w to 1,614.127mb last week - EIA

EIA data, week ending 8/12
Crude oil: -6.0M
Domestic prod: 12.7MMbpd
SPR: +0.6M Cushing: -0.8M
Gasoline: -0.3M
Impld mogas demand: 8.85Mbpd
Distillates: +0.3M
Refiner utilz: 94.7%
Total exports: 10.46MMbpd


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Crude -5.96MM, Exp. -2.5MM
Gasoline -262K
Distillates +296K
Cushing -837K
Production 12.7mmb/d, +100b/d
SPR +600K

US implied oil demand (product supplied) rose by 936kbpd w/w to 21.663mbpd last week
w/w changed in kbpd
gasoline -451
jet fuel -262
distillate -114
residual fuel oil +344
propane/propylene +441
other oils +979


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