It looks like something out of a science fiction movie.
New York City is shrouded in dense, sooty smog unlike anything we’ve ever seen before.
The pollution is coming from massive Canadian wildfires that have scorched over 1,800 square miles of Northern forests.
You’ve probably already seen the pictures, they’re on the front page of practically every newspaper in America.
But you might not know that the wildfires are having a huge impact on Canada’s oil production.
Nearly 3 million barrels of oil per day comes from zones that are at “very high” or “extreme” risk of wildfires.
And as a result of the fires, they’re shutting down production.
That’s on top of Saudi Arabia’s production cuts from last weekend…
And OPEC’s surprise cuts from earlier this year…
And when shrinking supply meets surging demand — we all know what comes next.
Kind regards,
Charles Mizrahi Founder, Alpha Investor
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