• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 7 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 11 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 14 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 44 mins Is $60/Bbl WTI still considered a break even for Shale Oil
  • 1 min Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 10 hours Prosecutors Fine Bosch 90 Million Euros For Emissions Cheating Role
  • 57 mins Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 10 hours Apple Boycott in China
  • 59 mins Asia Oil Refiners Mull Run Cuts With Margins At 16 yrs. Low For Season
  • 22 mins Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 5 hours Devastating Sanctions: Iran and Venezuela hurting
  • 43 mins IMO 2020 could create fierce competition for scarce water resources
  • 44 mins IMO2020 To scrub or not to scrub
  • 9 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 7 hours Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? . . . . China greatest threat next 50 years.
  • 10 hours California's Oil Industry Collapses Despite Shale Boom
Oil Tanks On Worst Day In Six Months

Oil Tanks On Worst Day In Six Months

Oil prices plummeted on Thursday,…

Oil Up On Production Drop Amid Raging Canadian Wildfire

Oil Up On Production Drop Amid Raging Canadian Wildfire

The still raging wildfires that have taken some production offline in Canada’s oil sands region of Alberta have helped push oil prices up slightly today.

In early-morning trading, West Texas Intermediate was up 4.1 percent to $45.58 per barrel. Brent crude was up 2.6 percent to $45.75 per barrel.

Also, yesterday’s news of an unexpected build in U.S. crude oil stockpiles did not negatively affect oil prices. Oil at least held steady after the news.

Exxon Mobil was up almost 1 percent and Chevron added 1.6 percent, the Wall Street Journal reported this morning.

Yesterday, one major oil sands operation and a pipeline were shut down due to the fire, and others have cut back production.

Related: The Shale Sector Just Got Two Critical Wins – In Two Different States

The Corridor pipeline, run by Inter Pipeline, has shut down and normally transports some one-third of Alberta’s production. Enbridge has also shut down its feeder pipeline operations.

Suncor Energy’s operations are only 25 kilometers north of the wildfire and the company has shut down its main oil sands mine at Millennium and North Steepbank, which produce 320,000 bpd. The wildfire has not yet reached this area, and the shut-down is a safety precaution.

Syncrude Canada has cut staff and reduced capacity, while Shell has completely shut down its Muskeg River and Jackpine mines, which produce 225,000 bpd.

The wildfire, which started in the Alberta city of Fort McMurray, has now spread further south, forcing more evacuations. Officials say the wildfire in the oil sands heartland has grown five times its initial size.

Related: Shell’s Profits Plunge 83%

So far, more than 88,000 people have been evacuated, but those already evacuated are now reportedly being force to re-locate one again to do the spreading fire. Some 1,600 homes have apparently been burned to the ground.

According to Fox News, around 10,000 evacuees who had been moved yesterday into outlying oil worker camps will have to evacuated those camps as well as the fire spreads.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Peter Polder on May 05 2016 said:
    This is what a climate feedback loop looks like

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News