Commodities
As Canada’s wildfires intensify, recruiting firefighters is tougher
Canada is wrestling with its worst-ever start to wildfire season, but recruiting firefighters is becoming increasingly difficult due to tight labor markets and the tough nature of the job, provincial officials say.
Limited resources could threaten Canada’s ability to douse fires, which are expected to get bigger and fiercer in future as a result of fossil fuel-driven climate change, risking more damage to communities and disrupting the country’s oil and gas, mining and lumber industries.
A Reuters survey of all 13 provinces and territories showed Canada employs around 5,500 wildland firefighters, not including the remote Yukon territory, which did not respond to requests for information.
That’s roughly 2,500 firefighters short of what is needed, said Mike Flannigan, a professor at Thompson Rivers University in British Columbia and wildfire specialist.
“It’s hard work, it’s hot work, it’s smoky work, and there are real issues with health impacts longer-term,” Flannigan said. “It’s getting harder to recruit and retain people.”
This year Ontario extended its application period, boosted marketing efforts and started covering training costs to secure more recruits. Applications were down in British Columbia and Nova Scotia, and Alberta had to do several rounds of recruitment to fill its ranks, officials said.
Canada’s provinces and territories share crews and equipment as required and call on international partners and the military in times of extreme need. But this year record-breaking blazes flared up simultaneously in the east and west, sparking competition for firefighters and aircraft.
“This was the worst-case scenario that everyone dreads – multiple areas of the country burning at the same time,” said Scott Tingley, forest protection manager for Nova Scotia.
Wildfire crews work 12-14 hour days, up to two weeks at a time, in smoke-filled, high-stress environments, often in remote wilderness areas.
The seasonal work, longer fire seasons and uncompetitive basic pay – ranging from C$30 ($22) an hour in British Columbia to C$.74 an hour in Manitoba – also deter people.
“We’re in competition with a whole bunch of other labour markets. It’s demanding physical work and it’s mentally taxing,” said Rob Schweitzer, executive director of BC Wildfire Service.
A week of cooler weather and rain eased some fires across Canada but 6.5 million hectares (16 million acres), an area the size of Lithuania, have already burned this year and unusually hot weather is expected to return.
FILLING THE GAPS
This year record fires have resulted in Canada deploying around 550 armed forces personnel and more than 1,700 international firefighters, paid for by the provinces, to beef up its stretched crews. As more wildfires threaten communities, provincial agencies are also increasingly leaning on structural firefighters to help protect homes.
But of the 126,000 structural firefighters in Canada, 90,000 are volunteers, according to the Canadian Association of Fire Chiefs, who are bearing the strain of protecting their own communities while also holding down day jobs.
At the height of the fires in May and June some provinces appealed for extra wildfire recruits. Alberta deployed 157 people who answered a government call-out, Nova Scotia sent out its first 30-person crew of volunteers last week and Quebec trained up an extra 300 volunteers and forestry workers who are not usually part of its wildfire service.
The extra manpower is not cheap. Annual national wildfire protection costs topped C$1 billion for six of the last 10 years, according to federal government data and have risen about C$150 million per decade since 1970.
Most experts expect them to keep climbing.
The federal government is spending C$38 million towards hiring, training and retaining firefighters and C$256 million over five years into an equipment fund, and working on a pilot project training structural firefighters. An Emergency Preparedness ministry spokesperson said the government recognizes the need for more investment.
“The men and women that fight wildland fires are doing a tremendous job but the fact is there’s not enough of them,” said Ken McMullen, president of the Canadian Association of Fire Chiefs.
Investing.com– Gold prices edged higher on Tuesday, extending their tepid performance as investors still remained cautious with the rising dollar following the U.S. Federal Reserve’s hawkish tilt.
Traders also refrained from placing large bets ahead of a shortened trading week due to the Christmas holiday.
inched up 0.2% to $2,616.95 per ounce, while expiring in February ticked up 0.2% to $2,633.89 an ounce.
The yellow metal had inched up 0.3% on Monday, after losing more than 1% in the previous week, reflecting uncertainty about the metal’s outlook.
Bullion under pressure on Fed rate outlook
Gold prices had hit a one-month low on Wednesday, as the Fed meeting indicated that rates will remain higher for a longer period after Wednesday’s cut.
Prices have failed to fully recover from it and have seen subdued moves as investors still assessed the implications of the Fed’s rate outlook.
Higher interest rates put downward pressure on gold as, as the opportunity cost of holding gold increases, making it more attractive compared to interest-bearing assets like bonds.
Traders are now expecting only two quarter-point reductions in 2025 amid continued economic resilience and still-elevated inflation. This compares to expectations of four rate cuts before the Fed meeting.
Strong dollar creates downward pressure on gold, other metals
The Fed’s hawkish shift provided renewed strength to the U.S. dollar, as higher interest rates make the greenback more attractive due to increased returns on dollar-denominated assets.
The rose 0.1% in Asia hours on Tuesday and hovered near a two-year high it reached last week.
A stronger dollar often weighs on gold prices as it makes the yellow metal more expensive for buyers using other currencies.
Other precious metals were largely muted. inched up 1.2% to $960.15 an ounce, while gained 0.3% to $30.265 an ounce.
Copper subdued on strong dollar, seasonal factors
Among industrial metals, copper prices were subdued and moved within tight ranges on Tuesday as a strong greenback weighed on the red metal.
Analysts attributed the weakness in copper to seasonal sluggishness as industrial production and construction projects often slow down as businesses and projects prepare for year-end closures and holidays.
Benchmark on the London Metal Exchange were largely unchanged at $8,954.50 a ton, while one-month were 0.5% higher at $4.1045 a pound.
Investing.com– Oil prices continued their uptrend in Asian Trade on Thursday after the Christmas holiday, bolstered by new stimulus measures in China and a drop in inventories.
At 06:01 ET (05:01 GMT), traded 0.5% higher to $73.97 a barrel, and also gained 0.5% to $70.01 a barrel.
Volumes were expected to be thin for the remainder of the holiday-shortened week.
Oil had risen more than 1% on Tuesday, and extended gains on Thursday after reports emerged around fresh stimulus measures from China.
China’s fresh stimulus measures support oil prices
Chinese authorities have decided to issue a record-breaking 3 trillion yuan ($411 billion) in special treasury bonds next year, in an intensified fiscal effort to stimulate a struggling economy, Reuters reported on Tuesday.
Moreover, China is allowing local officials to broaden investments with key government bonds and simplifying approvals, permitting projects unless restricted by a cabinet-published list, to better utilize public funding for economic growth, a government document showed on Wednesday.
China’s economic growth is a key factor influencing global oil prices due to its status as the largest oil importer. When China’s economy thrives, its demand for crude oil rises to fuel industries, transportation, and other energy-intensive activities, often driving up oil prices.
China’s economic recovery post-COVID-19 has faced significant hurdles, including weakening consumer confidence, faltering export demand, and a beleaguered property sector.
To counter the slowdown, Beijing has implemented several stimulus measures aimed at reviving growth.
Satoru Yoshida, a commodity analyst at Rakuten Securities, noted that oil prices are also being supported by anticipation of higher fossil fuel production and demand once U.S. President-elect Donald Trump assumes office next month.
US crude inventories shrink- API
US oil inventories fell by 3.2 million barrels during the week ended Dec. 20, media reports showed on Wednesday, citing the (API) data.
Gasoline inventories rose by 3.9 million barrels last week, while distillate inventories—which include diesel and heating oil—fell by about 2.5 million barrels.
The figures come ahead of data from the Energy Information Administration, the statistical arm of the US Department of Energy, due on Friday.
A Reuters poll on Tuesday projected that crude oil inventories likely declined by approximately 1.9 million barrels in the week ending December 20, with gasoline stocks expected to drop by 1.1 million barrels and distillate inventories by 0.3 million barrels.
Ayushman Ojha contributed to this report.
Investing.com– Gold prices were higher in premarket trade on Thursday due to a slightly weaker dollar as markets returned to trading after the Christmas holiday, while gains were limited as investors remained cautious following the U.S. Federal Reserve’s hawkish tilt.
Traders also refrained from placing large bets in a holiday-shortened week, resulting in thin trade volumes.
rose around 0.4% to $2,626.53 per ounce, while expiring in February ticked up 0.2% to $2,641.6 an ounce by 07:55 am ET (12:55 GMT).
Geopolitical tensions in the Middle East also contributed to bullion’s gains.
The Palestinian militant group Hamas and Israel accused each other on Wednesday of hindering a ceasefire deal, with Hamas blaming Israel for imposing additional conditions and Israeli Prime Minister Benjamin Netanyahu alleging Hamas reneged on prior understandings.
Gold is seen as a safe haven asset amid uncertainties in the market.
US dollar weakens but remains nears 2-yr high
The has edged higher on Thursday but hovered near a two-year high it touched last week.
The Fed’s hawkish shift last week provided renewed strength to the dollar, as higher interest rates make the greenback more attractive due to increased returns on dollar-denominated assets.
A stronger dollar often weighs on gold prices as it makes the yellow metal more expensive for buyers using other currencies.
Gold prices fell sharply last week after the Fed policy meeting indicated that rates will remain higher for a longer period.
Higher interest rates put downward pressure on gold as, as the opportunity cost of holding gold increases, making it more attractive compared to interest-bearing assets like bonds
The yellow metal has seen marginal moves this week, after losing more than 1% in the previous week, reflecting uncertainty about the metal’s outlook
Other precious were mixed on Thursday. declined 0.3% to $957.70 an ounce, while rose by 0.1% to $30.31 an ounce.
Copper edges up on China stimulus, strong dollar caps gains
Among industrial metals, prices gained after a Reuters report showed that Chinese authorities plan to issue a record-breaking 3 trillion yuan ($411 billion) in special treasury bonds next year, in an intensified fiscal effort to stimulate a struggling economy.
The red metal failed to fully capitalize on this news, as a strong dollar weighed.
Analysts also attributed the weakness in copper to seasonal sluggishness as industrial production and construction projects often slow down as businesses and projects prepare for year-end closures and holidays.
The most-traded January copper contract on the Shanghai Futures Exchange (SHFE) rose 0.2% to 74,220 yuan a ton.
Benchmark copper contracts on the London Metal Exchange were closed on Thursday for the holiday.
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