JPM-Canada Refining Total Crude Runs Fall WoW；Remain Near Seasonal Highs-20250808

Data for Canadian crude runs for the week ending July 29th were released recently.Crude runs saw a decrease w/w to 1,711kbpd (~94% utilization), near seasonalhighs. Runs in Ontario saw a slight decrease w/w to 407kbpd, above seasonal highsat ~97% utilization. Quebec and Eastern Canada runs were flat w/w at 656kbpd,with a utilization of ~94%. 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 Comeby Chance in November 2021. Western Canada runs saw a decrease w/w to648kbpd (~93% utilization), near seasonal highs. On margins, WTI cracks forgasoline were up w/w in Edmonton, near seasonal highs, and up w/w in Torontoand Montreal, in the middle of the seasonal range. Diesel cracks were down w/wand in the top half of the seasonal range in all regions.