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Wildfire Threat to Canada’s Oil-Sands Eases as Rain Approaches

OIL
Energy BulletsHomepagemarkets-real-timeBulletCommoditiesCanada Bank of Canada Market News

Rain in the heart of the Canadian oil-sands region is reducing the threat of a wildfire that resulted in evacuation orders May 10, according to Bloomberg.

  • It added that a town near British Columbia’s gas-producing region remained in danger.
  • Showers expected today may help contain the 6.6k-hectre fire near Fort McMurray, Alberta.
  • However, Reuters cited the Canadian government which warned in April that the nation faces another catastrophic wildfire season, boosted by El Nino weather conditions.
  • Canada had its worst-ever wildfire season in 2023, which took 300k b/d of oil offline at its worst points.
  • While Fort McMurray was unaffected by last year’s wildfires, over 1m b/d of production was shuttered during wildfires eight years ago.
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Rain in the heart of the Canadian oil-sands region is reducing the threat of a wildfire that resulted in evacuation orders May 10, according to Bloomberg.

  • It added that a town near British Columbia’s gas-producing region remained in danger.
  • Showers expected today may help contain the 6.6k-hectre fire near Fort McMurray, Alberta.
  • However, Reuters cited the Canadian government which warned in April that the nation faces another catastrophic wildfire season, boosted by El Nino weather conditions.
  • Canada had its worst-ever wildfire season in 2023, which took 300k b/d of oil offline at its worst points.
  • While Fort McMurray was unaffected by last year’s wildfires, over 1m b/d of production was shuttered during wildfires eight years ago.