Heavy crude prices fall as production outpaces pipeline capacity [Toronto Globe and Mail (Ontario, Canada)]
Suncor Energy Inc. (SU)
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Source: Toronto Globe and Mail
Prices for heavy oil sands crude weakened Friday as rising production outpaced pipeline capacity and maintenance at big refineries threatened to sap demand. The discount on heavy Western Canada select crude, a blend of conventional heavy oil and bitumen from the oil sands, widened to US$36 below the North American benchmark oil price, according to Net Energy in Calgary. That implies a value of roughly US$33.65 for the extra-thick oil. Suncor Energy Inc. is ramping up output at its Fort Hills mine at the same time it restores capacity at its majority-owned Syncrude Canada bitumen mining and upgrading complex. Fort Hills, located north of Fort McMurray, Alta., is due to add 194,000 barrels per day of new production by the end of the year, swamping a market already grappling with severe export constraints. Story continues below advertisement Producers also face sustained pressures as U.S. refineries that consume a large share of oil sands crude
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News
- Here's Why Suncor Energy (SU) Gained But Lagged the Market Today [Yahoo! Finance]Yahoo! Finance
- Canada unions brace for 2025 labor crunch in oil sands maintenance season [Reuters]Reuters
- Suncor Energy Inc. (NYSE: SU) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating.MarketBeat
- Higher oil doesn't shake industry talk on spending discipline at CAPP conference [BNN Bloomberg (Canada)]BNN Bloomberg
- Higher oil doesn't shake industry talk on spending discipline at CAPP conference [Financial Post (Toronto, Ontario, Canada)]Financial Post
SU
Earnings
- 2/21/24 - Beat
SU
Sec Filings
- 3/27/24 - Form 6-K
- 3/22/24 - Form 6-K
- 3/22/24 - Form 40-F
- SU's page on the SEC website