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Wildfires raging across western Canada forced the evacuation of 30,000 residents and cut at least 234,000 barrels a day of oil and gas production as companies shut down wells and pipelines. A total of 100 blazes were burning Monday afternoon , with about a quarter classified as out of control. The province of Alberta declared a state of emergency, and evacuation orders were issued for communities, including some less than 100 kilometers from the provincial capital of Edmonton. The fires are striking Canada’s main natural gas production region, including the prolific Montney and Duvernay formations, an area studded with wells and processing plants and crisscrossed by pipelines. The region also is a major center for light-oil production, and the disruptions have sent prices for some local grades of crude surging. Edmonton Mixed Sweet’s discount to West Texas Intermediate narrowed by more than a third to US$2.50 a barrel, the smallest discount since March, and Syncrude Sweet’s premium grew to $3.50 a barrel, data compiled by Bloomberg show. Condensate’s discount narrowed to $3.20 a barrel. Wildfires are one of the most dramatic signs of climate change, with extreme heat and long-lasting drought creating the perfect conditions for infernos. Large areas […]
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