More news of the forest fires that have caused Fort McMurray to evacuate 5 May 2016
I posted on the event yesterday and at that time the oil sands companies had reported no change in their output but now several companies have shut down pipelines to help evacuate non-essential personnel.
Fort McMurray describes itself as the "gateway to the north" - a region which is home to the third largest reserves of oil in the world behind Saudi Arabia and Venezuela.Fort McMurray's proximity to Canada's rich oil sands has helped it to become a hugely prosperous place, drawing oil workers from across the world.
The correlating rise in oil price also attributed to increased fighting in Libya is helping the Canadian dollar a little but the negative fallout aspects are also affecting the price action.
Officials have warned the blaze which has already gutted 1,600 structures, could destroy much of the city and the next 24 hours will be crucial. Unseasonably high temperatures and strong winds have combined with dry conditions to leave much of Alberta and neighbouring Saskatchewan under an extreme fire risk warning.
No reports of casualties as yet and we must hope that continues as this sad event
USDCAD currently on session lows of 1.2823 after 1.2875 highs. Support/bids expected into 1.2800 and more at 1.2760.
Brent crude currently $45.23 WTI $44.58 both off session highs.
