Suncor Energy Inc T.SU

EIA: Crude +2.9, Gasoline +2.7, Dist +1.5

[MigraineCall]

Again, not only huge adjustments, but a rebenchmarking!


"This week’s domestic crude oil production estimate incorporates a re-benchmarking that increased estimated volumes by 189,000 barrels per day, which is about 1.4% of this week’s estimated production total."

Followed by this headline:

EIA: US CRUDE PRODUCTION ROSE LAST WEEK TO 13.3 MLN BPD, THE HIGHEST ON RECORD.

EIA (wk ending 15 Dec)
Crude: 2.909M
Cushing: 1.686M
Gasoline: 2.710M
Distillates: 1.485M



US implied oil demand (product supplied) fell by 293kbpd w/w to 20.785mbpd last week w/w changes in kbpd
gasoline -106
jet fuel -507
distillate +52
residual fuel oil +138
propane/propylene +31
other oils +98

EIA data, week ending 12/15
Crude oil: +2.9M
Domestic prod: 13.3MMbpd
SPR: +0.6M
Cushing: +1.7M
Gasoline: +2.7M
Impld mogas demand: 8.75MMbpd
Distillates: +1.5M
Refiner utilz: 92.4%
Total exports: 10.4MMbpd

US crude imports by origin incl w/w changes in kbpd
Canada +114 to 3686
Mexico +218 to 851
Saudi Arabia +90 to 406
Colombia +1 to 215
Iraq -63 to 22
Ecuador -184 to 49
Nigeria +51 to 162
Brazil -58 to 197
Libya -1 to 86
EIA

Refiinery runs increasing:


So much for refinery run cuts as #gasprices plummeted... PADD 3 churning out gasoline, and total production of gasoline 10mbpd, we might make a run at sub-$3 later this winter to get rid of all that winter spec!

EIA analysis: Refiners ramp up runs to 16.9-million b/d or ~500k above last year. Gasoline stocks variable with 1.1m draw in P1 and builds of 1.8m P3 and 2.5m P2. Net gasoline exports of 4.6-mil bbl on the week bailed out Gulf Coast refiners.