Suncor Energy Inc T.SU

EIA: Crude -0.4M, Gas -2.7M, Dist +5.1

[MigraineCall]

Of note:

Supposed to show a big crude build this week, yet cam in as a draw of 0.452M.
However, distlilates show a big build.
Imports dropping.
Upward adjustment for US oil production.




For the first time in 4 years, refineries in all five regions were operating at over 90% of their capacity in the same week.

US crude imports by origin in kbpd (incl. w/w changes)
Canada -85 to 3504
Mexico -266 to 647
Saudi Arabia -468 to 66
Colombia -159 to 127
Iraq +316 to 430
Ecuador +4 to 218
Nigeria +46 to 144
Brazil -111 to 71
Libya +4 to 90 EIA


US implied oil demand (product supplied) fell by 221kbpd w/w to 19.221mbpd last week gasoline +120
jet fuel -288
distillate +168
residual fuel oil +69
propane/propylene +233
other oils -522


U.S CRUDE OIL INVENTORIES ACTUAL: -452K VS 4489K PREVIOUS; EST 1500K U.S CUSHING CRUDE OIL INVENTORIES ACTUAL: 1721K VS 1628K PREVIOUS U.S GASOLINE INVENTORIES ACTUAL: 2745K VS -207K PREVIOUS; EST 1000K U.S DISTILLATE INVENTORY ACTUAL: 5074K VS 985K PREVIOUS; EST 1183K


US crude inventories fell by 2.319mb last week (commercial -0.452mb, SPR -1.867mb) EIA


EIA (wk ending 2 June)
Crude: -0.451M
Cushing: 1.721M
Gasoline: 2.746M
Distillates: 5.075M

EIA data, week ending 6/2
Crude oil: -0.5M
Domestic prod: 12.4MMbpd
SPR: -1.9M
Cushing: +1.7M
Gasoline: +2.7M
Impld mogas demand: 9.22Mbpd
Distillates: +5.1M
Refiner utilz: 95.8%
Total exports: 8.65MMbpd

[pooltec]

Fact check.  Was that the last week of SPR releases until 2026?

[pooltec]

forexlive.com/news/eia-weekly-us-oil-inventories-451k-vs-1022k-expected-20230607/

[pooltec]

sorry spr releases end of June

[MigraineCall]

No, there is only about 6 to 8M bbls still left for June, depending on which week it is reported. That then concludes the congressional mandated SPR releases. Just in time for July long weekend driving season.

[pooltec]

Goody gum drops. Add in a few hurricanes for fun.