http://www.cbc.ca/news/business/wildfire-fortmcmurray-oilsands-suncor-athabasca-1.3570112 The horrendous out-of-control wildfires devasting Fort McMurray, Alberta, have caused huge amounts of property loss and, unfortunately, some loss of life due to a few traffic accidents on the exodus both north and south on Highway 63. About 1.4 million barrels of oil are produced in the area but production has been cut by 1 million and further cuts are expected. The price of oil in Canada has jumped, and some commentators have opined that NA (if not world) prices are being affected. The origin of the fire that began on or about Tuesday, May 3, is unknown, but it has been exceeding warm. Rain is the only thing that can stop the fire. The rapidly evolving story is covered to some extent on BBC TV and the USA TV networks. But go to the Canadian sources for details. CBC News http://www.cbc.ca/news CBC Radio http://www.cbc.ca/radio/ CBC TV Player http://www.cbc.ca/player/tv Edmonton Sun newspaper (closest to fire) http://www.edmontonsun.com/ Using the Tunein app (or the website) search for CBC Radio One Edmonton 93.9 FM and you'll hear frequent updates that seemingly are providing news and moral support for the tens of thousands of people fleeing south to safety. It is a sad situation. I wish those affected and the fire, police and emergency workers the best.
There is some shocking videos on the news here in the UK, it almost doesnt look real. It looks more like an scene out of an end of the world film. Terrible Terrible situation, I hope all those involved get this through this hard time.
I've been listening to CBC Radio One Edmonton 93.9 FM, using the Tunein app. The daily morning show is named 'Day in Alberta' and its on-air personalities and staff have been doing the heavy lifting of information for both the displaced Fort Mac citizens and the many groups providing aid. The program is broadcast on a number of network stations in and near the affected areas.
http://www.investing.com/news/commo...reaten-canada-supply,-saudi-moves-eyed-400687 This was posted by Reuters 3 hours ago.
Would probably co-inside with Int-fx assessment this morning of Oil : Crude Oil: the upside prevails. Our preference: Long positions above 45.75 with targets @ 46.05 & 46.65 in extension. Alternative scenario: Short below 45.15 look for further downside with 44.60 & 44.00 as targets. Comment: As long as 45.15 is support, look for choppy price action with a bullish bias. For Daily Technical Calls please follow our page https://www.intfx.co.uk/technicalanalysis/
