Suncor Energy Inc T.SU

EIA Crude -3.8M, Gasoline +0.479M Dist +0.433M

[MigraineCall]

Another 13M adjustment.
 
1.7M SPR release.

Higher exports, lower imports.


US #crudeoil stocks fell 3.8m bbl last week as export rose 1.3m b/d. Small increases in gasoline and distillate stocks. Production slowed 0.2m b/d with refinery utilization also slowing due to unplanned maintenance. Implied #gasoline demand up on the week but lower on 4-wk avg basis.








EIA data, week ending 6/16 Crude oil: -3.8M Domestic prod: 12.2MMbpd SPR: -1.7M Cushing: -0.1M Gasoline: +0.5M Impld mogas demand: 9.38Mbpd Distillates: +0.4M Refiner utilz: 93.1% Total exports: 10.59MMbpd


Crude: -3.831M Cushing: -0.098M Gasoline: 0.479M Distillates: 0.433M

US crude imports by origin incl w/w changes Canada +231 to 3570 Mexico -37 to 808 Saudi Arabia -531 to 146 Colombia -36 to 148 Iraq -150 to 102 Ecuador +149 to 203 Nigeria +72 to 204 Brazil +312 to 391 EIA

[matt2018]

Shocked to see the Adjustment number so high again, appr 1.9M bbl/day (same as last week). With the adjustment number averaging 1.1M bbl/day for all of 2023 so far, its always down the next week after reporting a large number previous week. I was expecting less than the 1.1M avg, perhaps around 0.750M, which would have shown the weekly draw to be  -11.5M bbl instead of the  -3.8M bbl. We