Suncor Energy Inc T.SU

EIA: Another net draw in Crude + SPR

[MigraineCall]

Yet another net draw in crude, SPR, and product.

Data includes July 4 holiday Monday, so will take a week for data to wash out.

This net draw happened even while lower 48 production reported being up 600k bbls/day.


US crude inventories fell by 3.627mb last week (commercial +3.254mb, SPR -6.881mb) - EIA

EIA (wk ending 8 July)
Crude: 3.254M
Cushing: 0.316M
Gasoline: 5.825M
Distillates: 2.668M

US implied oil demand (product supplied) fell by 1.744mbpd w/w to 18.720mbpd last week w/w changes in kbpd gasoline -1351 jet fuel -437 distillate -1014 residual fuel oil +253 other oils +836 EIA

[MigraineCall]

Clarification: Lower 48 production reported up by 600 kbbl/day from last year. It is 100k lower than last week.

[Bigbear7405]

SO why does BNN network only mention commecial up 3,254 when all of this is from SPR?

[MigraineCall]

Exactly! Welcome to the manipulated oil market, where you need to dig and ask the right questions. I'll try to paint a picture. You are employed full time.  You have 2 pockets. You get paid each day into the right pocket. You keep your savings reserve in the left pocket for emergencies. Each week, your loving wife asks you how much money you have, so she can go shopping for