JPM-Canada Refining Crude Runs Fall~百分之4 w w；Remain...-20251212

Data for Canadian crude runs for the week ending December 2 were releasedrecently. Crude runs saw a 4% decrease w/w to 1,703kbpd (~94% utilization), inthe top half of the seasonal range. Runs in Ontario were down 6% w/w to 382kbpd,in the top half of the seasonal range at ~91% utilization. Quebec and EasternCanada runs saw a 6% decrease w/w to 657kbpd, with a utilization of ~94%. Runsare in the middle of the 2020-24 seasonal range, while the range is impacted by areduction in capacity from the closure of Come by Chance in November 2021.Western Canada runs were flat w/w at 664kbpd (~95% utilization), near seasonalhighs. On margins, WTI cracks for gasoline were up w/w in Edmonton, aboveseasonal highs, down w/w in Toronto, above seasonal highs, and down w/w inMontreal, near seasonal highs. Diesel cracks were up w/w in Edmonton, in the tophalf of the seasonal range, and up w/w in Toronto, in the middle of the seasonalrange, and down w/w in Montreal, in the top half of the seasonal range.