The impact of the wildfires raging across northwestern Alberta continue to reverberate through the Canadian energy industry.
There's now more than 300,000 barrels of oil equivalent per day of production knocked off the ledger, with some heavy hitters including Cenovus Energy – which says 85,000 boe/d is offline – curtailing operations due to risks stemming from the fires. That's had a clear knock-on effect for Canadian gas prices – spot AECO is up 34 per cent, its biggest spike since November, as the fires rage. As of shortly before 7 a.m.
but that's down by about a third from a year prior. The culprits are clear – lower realized oil prices, higher operating expenses and lower refinery activity all get a share of the blame here. It's not a huge surprise, as Suncor and its brethren do live at the whims of global commodity markets, which have been facing the prospect of lower oil prices for a decent chunk of time.
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