The wildfires burning across Canada’s main natural gas-producing region may trim 0.2 per cent to 0.3 per cent from growth in the country’s gross domestic product in May if much of the area’s output remains shut for the month, one of Bank of Nova…
That projection is rough and could evolve as more shutdowns are announced, but the blazes “are going to be messing with the Canadian economic statistics,” Derek Holt, head of capital markets economics, said in a note to clients Tuesday.
Those blazes have shut down the equivalent of at least 234,000 barrels a day of oil production, sending low-sulfur sweet crude prices in Canada to a one-year high. Nearly a fifth of western Canadian natural gas supply has been suspended, prompting a surge in those prices as well.Prime Minister Justin Trudeau said his government had received the official request for assistance from Alberta Premier Danielle Smith and her government.
Canadian Natural Resources Ltd. has temporarily shut the equivalent of about 39,000 barrels of oil production, including all sites in proximity to wildfires. Oil-sands mining operations haven’t been affected. Crescent Point Energy Corp. has shut in 45,000 barrels a day of production in the Kaybob Duvernay region, though the company said it has seen no damage to its assets.
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