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Alternate Symbol(s): SU

Energy Oil & Gas Integrated

Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the United States; and the Company’s Petro-Canada retail and wholesale distribution networks... see more

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Suncor Energy Inc > EIA Crude +8.7, Gasoline +0.75, Dist -1

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Post by MigraineCall on Nov 22, 2023 10:57am

EIA Crude +8.7, Gasoline +0.75, Dist -1

Huge adjustments again.
Big crude build, seasonal, but market is now focused on OPEC.
Nothing like a sudden 5% drop in the price of crude, and a huge EIA crude build to get the attention of remaining waffling OPEC delegates for a consensus cut.

From 'X':

Partly explaining another bumper build in crude stocks is a heavy maintenance season which has left the refinery utilization rate at 87%, below the long term average for this time of year at around 90%

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US commerical petroleum inventories rose 4.5 MMbbl last week, driven above all by a very large 8.7 MMbbl crude build. Crude stocks now **26.2 MMbbl** higher over the past 3 weeks, back roughly at seasonal average level. (Gasoline +0.75 MMbbl; distillate -1.0 MMbbl)

EIA reporting an 8.7m bbl rise in #crudeoil stocks to the highest since July with no major reductions in fuel stocks to counter. Cushing rise 0.9m bbl. A 0.5mb/d drop in mogas demand lowers the 4-wk avg. by 0.1mb/d to 8.9mb/d. Limited reaction with traders focusing on OPEC

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EIA (wk ending 17 Nov)
Crude: 8.701M
Cushing: 0.858M
Gasoline: 0.749M
Distillates: -1.018M

+7.595M adjustment, +5.040M NGL's added

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US implied demand (product supplied) fell by 38kbpd w/w to 20.042mbpd last week w/w changes in kbpd
gasoline -469
jet fuel -283
distillate +1
residual fuel oil -192
propene/propylene +128
other oils +777

US crude imports by origin in kbpd (incl w/w changes)
Canada +11 to 3846
Mexico +605 to 971
Saudi Arabia -18 to 224
Colombia -99 to 217
Iraq -247 to 36
Ecuador +90 to 126
Nigeria +9 to 79
Brazil +122 to 257
Libya unchanged at 86

oil is a global commodity and as such investors need to track global inventory levels, not just those in one region which releases dubious data on a weekly basis.

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Comment by pooltec on Nov 22, 2023 11:14am

No more SPR releases for awhile and all this oil shows up WTF?

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Comment by MigraineCall on Nov 22, 2023 11:26am

There is no new oil LOL. They changed the way they report crude production this summer, and as a result, it also works into inventories. NGL and light condensates and blended crude are now counted as crude oil. This is why US production has reportedly spiked even though shale oil depletes, and wells become more light and gassy. It makes sense for the government to continue to report high ...more

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