Oil Gains as Wildfires Threaten Canada Supply
- Oil prices rose by over 2% on Monday after wildfires in Alberta, Canada disrupted about 7% of the country's crude oil output.
- The wildfires, declared an early-season crisis, forced thermal oil sands operators near Fort McMurray to evacuate workers and halt production as a precaution.
- These shutdowns removed nearly 350,000 barrels per day of heavy crude, tightening global supply amid existing maintenance and U.S. sanctions on other producers.
- Rory Johnston called the situation "an operational nightmare," while a weaker US dollar and a 28% weekly drop in tanker-stored crude supported prices.
- The Alberta wildfires contributed to a crude price rally reaching a three-month high on Tuesday, highlighting persistent supply pressures despite demand uncertainties.
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37 Articles
On Wednesday, oil prices declined in Asian trades, affected by fears of increased OPEC+ production and tariff tensions threatening global economic prospects, although concerns about Canadian supplies provided price support. Brent's future contracts fell by 23 cents, or 0.4%, to $65.40 per barrel by 0318 GMT, while West Texas's US broker's ore declined by 25 cents, or 0.4%, to $63.16 per barrel. The standard raw materials increased by about 2% ye…
Alberta wildfires disrupt 7% of Canadian oil production, spark supply concerns across North America – NaturalNews.com
Wildfires in Alberta’s oil-rich region have halted 344,000 barrels per day (bpd), affecting 7% of Canada’s total crude output. Major producers including Cenovus, MEG Energy and Canadian Natural face disruptions due to blazes near production sites. Flames approach 470,000 bpd of capacity, risking lasting damage or extended shutdowns. U.S. refineries, reliant on Canadian imports for […]
About 7% of the country's total production is at a standstill due to fires, while more than 450,000 barrels are less than 10 kilometres away from fires Oil prices are stable
Brent crude oil (the global benchmark) due for delivery in August rose 1.54% and WTI crude oil (the American benchmark) due for delivery in July rose 1.42%.
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