JPM-Canada Refining Quebec and Eastern Canada Crude Runs Up ~百分之3 w w-20251205

Data for Canadian crude runs for the week ending November 25 were releasedrecently. Crude runs saw a 1% increase w/w to 1,766kbpd (~97% utilization), nearseasonal highs. Runs in Ontario were down 1% w/w to 405kbpd, above seasonalhighs at ~97% utilization. Quebec and Eastern Canada runs saw a 3% increase w/wto 696kbpd, with a utilization of ~99%. Runs are above 2020-24 seasonal highs,while the range is impacted by a reduction in capacity from the closure of Comeby Chance in November 2021. Western Canada runs were flat w/w at 665kbpd(~96% utilization), near seasonal highs. On margins, WTI cracks for gasoline weredown w/w in Edmonton, above seasonal highs, down w/w in Toronto, aboveseasonal highs, and down w/w in Montreal, above seasonal highs. Diesel crackswere up w/w in Edmonton, in the top half of the seasonal range, and flat w/w inToronto and Montreal, in the top half of the seasonal range.