Alberta Wildfires Persist as Outages Weigh on Canadian Oil Stockpiles
- Crude inventories in Edmonton decline from start of May
- ATB Financial sees 0.1% to 0.3% hit to Canada GDP from blazes
Pedestrians pass buildings shrouded in smoke from wildfires in Calgary, Alberta.
Photographer: Todd Korol/BloombergThis article is for subscribers only.
The wildfire situation in Canada’s top energy-producing province of Alberta remained volatile Saturday, while the disruptions to oil and gas production now have buyers facing supply cuts.
At least two buyers were notified this week of force majeures and cuts of 5% or more to their receipts of low-sulfur Canadian crude this month, according to people familiar with the matter. Pembina Pipeline Corp. also declared force majeure on its Peace Pipeline system, which carries natural gas liquids from western oil and gas fields to the Edmonton area, according to two people who received the notice.