You may recall this from a couple of weeks ago:
The situation has worsened. Via ANZ:
- The threat of disruptions in Canada continues to rise as the number of wildfires in its main producing region increases.
- As of yesterday, there were 87 active fires in Alberta, with 24 out of control.
- It’s estimated that around 300kb/d is currently disrupted, with the risk of more coming under threat.
ANZ point to simultaneous risks to oil supply:
- Iran seized a foreign-flagged tanker in the Persian Gulf, the third in a month.
But Russian supply seems steady:
- However, there is little sign of Russian crude exports falling as promised. Four-week seaborne shipments are up 10% in the period to 12 May from the first week of April.
Oil price update:
