Alberta Wildfires Approach Oil Sands, Threaten More Output
(Bloomberg) -- Wildfires in Alberta are threatening almost half a million barrels of daily crude production as heat and wind push the flames closer to massive oil sands well sites.
A total of 29 out-of-control fires are burning in the province amid hot, dry weather, bringing flames within 20 kilometers (12 miles) of about 459,000 barrels of daily oil production, according to data from Alberta's energy regulator and wildfire department. The province had only four out-of-control fires on Monday.
An expanding fire near Alberta's border with Saskatchewan is the biggest threat to oil output. MEG Energy Corp.'s Christina Lake oil sands facility, which pumped 93,000 barrels a day in April, is within about 4 kilometers of the blaze. MEG said in an email that it has evacuated non-essential workers from the site, but hasn't curtailed production.
Part of Canadian Natural Resources Ltd.'s Jackfish oil sands site, which produced almost 38,000 barrels a day in April, is within about 3 kilometers of an expanding fire near Cold Lake, in the heart of the Canadian oil sands, according to Alberta Energy Regulator and Alberta Wildfire data. Other parts of Jackfish that produced a combined 83,000 barrels a day are within about 10 kilometers. CNRL didn't immediately respond to an email seeking comment.
Canada, the world's fourth-largest crude producer, has long seen its energy output threatened by wildfires that rage through the dense forests of northern Alberta in spring and summer. In 2016, a blaze shut down the massive oil sands mines just north of Fort McMurray, taking more than 1 million barrels of daily production offline.
The situation is strengthening prices for Canada's oil. Canadian heavy crude for July traded at a discount to the US benchmark West Texas Intermediate of as little as $8.70 a barrel on financial markets versus $9.30 on Thursday, according to a person familiar with prices and General Index prices compiled by Bloomberg.
Fire danger across most of Alberta is still considered extreme today, according to Natural Resources Canada, though it's expected to subside somewhat over the weekend as the weather shifts, bringing cooler temperatures and a chance of rain by Sunday.
Meanwhile, fire crews in northern Saskatchewan and Manitoba are facing 'very, very bad conditions' as gusty winds continue to scour the region, said Paul Pastelok, a senior meteorologist for AccuWeather Inc.
Those dry gusts can make it challenging to gain control over existing fires and may also spread embers, Pastelok added, sparking new blazes.
Smoke from the fires is expected to drift across the US Upper Midwest Friday, causing hazy skies and somewhat reduced air quality in Chicago and Minneapolis.
'You can get a whiff of that smoke coming down to the ground,' Pastelok said, 'but it won't be as strong as what they've gone through in past years.'
--With assistance from Mia Gindis.
(Updates with map, heavy Canadian crude price in sixth paragraph)
More stories like this are available on bloomberg.com
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