Oil: Market Hit with the Tragic Wildfires Spreading through Canada – Deutsche Bank
Research Team at Deutsche Bank, suggests that the big story for energy
markets are the tragic wildfires spreading through Canada currently.
“Over the weekend the fires which have raged through Alberta are now said to have spread to the oil-sands facilities north of Fort McMurray. The chatter is that roughly 1m barrels of production from the region could be impacted however the improving weather conditions overnight are helping to the slow the spread for now.
A number of producers have declared a force majeure in the region while evacuations are taking place. This morning WTI opened nearly 3% on higher on the news and close to $46/bbl, but has settled slightly now and is currently +2% higher at around $45.50/bbl.”