Suncor Energy Inc T.SU

EIA: Another Net Draw. Bullish

[MigraineCall]

US petroleum inventories (crude, oil products, SPR) fell by 3.862mb w/w to 1,688.796mb last week

US crude inventories fell by 5.443mb last week (commercial -0.445mb; -4.998SPR mb)


Crude -446K, Exp. +2.00MM
Gasoline +3.498MM
Distillates -1.295MM
Cushing +1.143MM
Production 11.9MMb/d; -100kb/d

US implied oil demand (product supplied) rose by 2.305mbpd W/w to 21.025mbpd last week w/w changes in kbpd
gasoline +459
jet fuel +280
distillate +329
residual fuel oil -214
propane/propylene +576
other oils +875 EIA

[Clemxb7]

SPR still elephant in room.  Other bullish factors in this release: Imports averaged 6.5 m / day Expoprts 3.75 M / day Lower 48 now pumping 200k less than 2 weeks ago (this is where the SPR deficit is supposed to made up) Net draw when including SPR (remarkably bullish given imports above) SPR releases will end on November 9 (election day). Can the lower 48 increase output by

[Bigbear7405]

If oil doesn't go down in price, inflation will not go away and feds will continue to raise interest rates until oil demand is lower. If this oil shortage continues i see massive increases in interest rates coming. The dollar is going to absolutely skyrocket.