Canadian Wildfires Shut in Production

Canadian energy producers in Alberta have shut in at least 280,000 barrels of oil equivalent because of wildfires according to Reuters sources while Argus claims its higher at 319,000 boepd.

• It represents about 3% of Canada’s output.
• By Monday afternoon 98 wildfires were still active, with nearly 30 classified as out-of-control.
• Canada is the world's fourth-largest crude producer, and about 80% of its oil comes from Alberta. The fires primarily affected light oil and natural gas producers, who shut in operations as a precaution.
• There are no reports of damage to infrastructure at present.
• Canadian daily natural gas exports to the United States fell to 6.7 billion cubic feet on Sunday, their lowest since April 2021 according to Refinitiv.