Suncor Energy Inc T.SU

EIA confirms API yesterday: Big Draws across the board

[MigraineCall]

OK. Markets are nervously waiting for the shoe to drop, but with the slight reduction in demand so far, it just ain't happening.

Demand destruction is going to have to get a whole lot worse in order to start to slow down these massive decreases in inventories week by week across the board. How long till the market wakes up? 


US crude inventories fell by 10.127mb last week (commercial -4.523mb, SPR -5.604mb)

U.S CRUDE OIL INVENTORIES ACTUAL: -4523K VS -445K PREVIOUS; EST -1500K

U.S CUSHING CRUDE OIL INVENTORIES ACTUAL: 751 VS 1143K PREVIOUS

U.S GASOLINE INVENTORIES ACTUAL: -3304K VS 3498K PREVIOUS; EST -1000K

U.S DISTILLATE INVENTORY ACTUAL: -784K VS -1295K PREVIOUS; EST -500K


EIA data, week ending 7/22
Crude oil: -4.5M
Domestic prod: 12.1MMbpd
SPR: -5.6M Cushing: +0.7M
Gasoline: -3.3M
Impld mogas demand: 9.25MMbpd
Distillates: -0.8M
Refiner utilz: 92.2%
Total exports: 10.87MMbpd

US implied oil demand (product supplied) fell by 1.049mbpd w/w to 19.976mbpd last week w/w changes in kbpd :
gasoline +724
jet fuel +27
distillate +53
residual fuel oil +13
propane/propylene -506
other oils -1460

[MaximusGainus]

Thanks. After releasing 146 million bbls from the SPR over the last 12 months, US commercial inventories are 17 million bbls LOWER than they were last year in July 2021.  Thats OK. Replenishment is supposed to happen after 2023, when oil is cheaper. What if it is not? What happens to WTI prices in October when the SPR releases stop topping off commercial inventories by a million bbls a

[Bigbear7405]

If oil demand doesn't drop expect interest rates to be increased until it does. The fed has no other choice.

[Experienced]

Don't disagree with your underlying hypothesis about demand destruction and potential shortages of oil. However, the fact of the matter is that if my underlying scenario about the economy and the market turns out to be accurate, the SP of SU will fall irregardless of the numbers you present.  In past stock market downturns, when the tide goes out all company SPs go down - it is just a

[newcoin]

SU is on sale now. No one rings a bell. Just buy it.

[Wynjoe]

Just finished a cross country tour in my motorhome.A draw on gas and oil?I am surprised there's any left. Has anyone noticed the congestion in traffic on our highways and roads? There were lineups for gas,I kid you not. How would it be possible to accommodate ev charging en mass? No worries about an oversupply of fossil fuels, BUY SUNCOR TODAY A VERY STRONG BUY AND HOLD!!!

[Experienced]

A couple of points. 1....the majority of people buying EVs will be using their cars for local travel and will charge their EV batteries at their homes not in public charging stations.  So the need for such stations will be primarily limited to those travelling long distances on road trips. The principal exception to this will those living in appartment buildings and highrise condos that are

[Davesnothere]

One big difference between then and now is that the planet was not cooking. Now it is, so we are told. So we are seeing ? SU shareholders can survive war, famine , pestilence. But if the planet overheats in a few years, we could see purgatory. " having the quality of cleansing or purifying " on a planetary scale. This seems to be a bigger threat than EV's I hope we all do