JPM-Canada Refining Quebec and Eastern Canada Crude Runs Up~百分之9 w w-20251103

Data for Canadian crude runs for the week ending October 21st were released recently. Crude runs saw an increase w/w to 1,700kbpd (~94% utilization), in the middle of the seasonal range. Runs in Ontario saw an increase w/w to 416kbpd,above seasonal highs at ~99% utilization. Quebec and Eastern Canada runs saw an increase w/w to 639kbpd, with a utilization of ~91%. Runs are in the top half of the 2020-24 seasonal range, while the range is impacted by a reduction in capacity from the closure of Come by Chance in November 2021. Western Canada runs saw an increase w/w to 645kbpd (~93% utilization), near seasonal highs. On margins,WTI cracks for gasoline were down w/w in Edmonton, near seasonal highs, and up w/w in Toronto and Montreal, in the top half of the seasonal range. Diesel cracks were down w/w in Edmonton and up w/w in Toronto and Montreal, in the middle of the seasonal range in all regions.