May 05

A Canadian oil-sands town is on fire; 80,000 residents must evacuate

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The Fallout From The “Devastating” Canadian Wildfire: Over 500,000 Barrels Offline, $1 Billion In Losses:

Now that Canada has had a chance to evaluate the damage from the historic Alberta fire, the question on everyone’s lips is what will be the near-term impact on oil production.  The most comprehensive answer provided so far comes from Morgan Stanley’s Benny Wong who estimates that the total number of offline capacity will be anywhere between 400 and 500 mbbl/d, with the shut-in expected to last about 10 days, potentially reducing total market output by as much as 5 million barrels.

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