'Rising concerns over spreading Canada wildfires have not materialized into severe production disruptions yet, with our Canada production nowcast increasing ...
FILE PHOTO: The Suncor Firebag in-situ processing facility at their oil sands operations near Fort McMurray.
"Rising concerns over spreading Canada wildfires have not materialized into severe production disruptions yet, with our Canada production nowcast increasing in July, in line with our expectations," the bank said in a note. Suncor has been curtailing production in its over 200kb/d Firebag field for over two weeks, and other producers started to evacuate non-essential workers from the most affected fields, while keeping production stable so far.Canadian authorities issued an evacuation order late on Monday for the Town of Jasper and Jasper National Park in the province of Alberta following wild fires.
Both Brent crude futures and U.S. West Texas Intermediate crude for September fell by 39 cents to $82.01 a barrel and to $78.01 per barrel respectively by 1135 GMT, as growing expectations of a ceasefire in the war in Gaza weighed on prices. The tightness will hold for most of the third quarter, the bank said in a note dated on Friday, but equilibrium will return by the fourth quarter, "when seasonal demand tailwinds abate and both OPEC and non-OPEC supply return to growth.
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