Squawk / 16 June 2016 at 19:23 GMT
CEO and CIO / U.S. Global Investors
United States
Canada Wildfires Still Not Reflected in Official Oil Inventories

A month and a half after they began, the Fort McMurray wildfires in Alberta, Canada still blaze on in contained patches. Already estimated to be the most expensive disaster in Canadian history, costing the Albertan economy $70 million per day, the fires are now believed to be the work of humans, according to the Royal Canadian Mounted Police (RCMP).

Regardless of how it started, “the beast,” as some call it, has been a major disruptor to oil sands operations north of the fires. Affected exploration companies are looking at a collective loss of more than $1.4 billion. The U.S. Energy Information Administration (EIA) estimates that an average of 800,000 barrels per day in production were taken offline last month....



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