Surge Energy Inc (Alberta) T.SGY

EIA report

[ppp]

Summary of Weekly Petroleum Data for the week ending December 10, 2021

U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending December 10, 2021 which was 115,000 barrels per day less than the previous week’s average. Refineries operated at 89.8% of their operable capacity last week. Gasoline production increased last week, averaging 10.0 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 6.5 million barrels per day last week, down by 28,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 15.4% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 499,000 barrels per day, and distillate fuel imports averaged 450,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.6 million barrels from the previous week. At 428.3 million barrels, U.S. crude oil inventories are about 7% below the five year average for this time of year. Total motor gasoline inventories decreased by 0.7 million barrels last week and are about 6% below the five year average for this time of year. Finished gasoline inventories remained unchanged while blending components inventories decreased last week. Distillate fuel inventories decreased by 2.9 million barrels last week and are about 9% below the five year average for this time of year. Propane/propylene inventories decreased by 2.4 million barrels last week and are about 10% below the five year average for this time of year. Total commercial petroleum inventories decreased by 15.9 million barrels last week.

Total products supplied over the last four-week period averaged 21.3 million barrels a day, up by 12.6% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, up by 15.4% from the same period last year. Distillate fuel product supplied averaged 4.3 million barrels a day over the past four weeks, up by 11.2% from the same period last year. Jet fuel product supplied was up 27.3% compared with the same four- week period last year.

[WanTBe1]

“Supply has finally caught up with demand and this trend is forecast to intensify heading into 2022,” said Stephen Brennock, an analyst at brokerage PVM Oil Associates Ltd. “Simply put, the oil market faces a significant oversupply next year.”

[ppp]

I don't listen to talking heads. opinions are like a$$holes everyone has got one. 

[Rational43]

This report assumes OPEC goes right back to pumping at full "capacity", including members who can't even produce their current Quota, and that Saudi is willing to watch oil prices fall.   This message brought to you by the Re-elect Joe Biden and the "world should stop drilling for hydrocarbons" IEA. Meanwhile, global Crude inventories dropped by 20 million