Wild Fires Impact Canadian Oil Sands

Wildfires in Alberta and British Columbia have shut down over half the oil sands production in the Fort McMurry region. BP, Suncor Energy, Phillips 66, Statoil and Husky were among 11 production firms operating the oil sands that have had to shut in production facilities and notify contracts that they would not be able to make all deliveries. Three pipeline operators were also impacted by the wildfires and razed parts of Fort McMurray, Alberta last week. A "force majeure" warning was issues on Friday May 6 saying that unforeseen events, the wildfires, prevented fulfilling contracts. U.S. refineries in the Midwest import 3.5 million bopd of Canadian crude, primarily from the oil sands. Current storage of oil sands crude in Alberta is less than 1 month supply of exports.