Canada's energy companies hit multi-year highs on U.S. ban on Russian fuel

Enerplus

08/03/2022 16:52

** Canada's oil companies gain, tracking oil prices which
soared on supply concerns as the U.S., the world's biggest oil
consumer, announces formal ban on Russian oil imports
 urn:newsml:reuters.com:*:nW1N2US03I
    ** Brent crude  LCOc1  surges 7.3% to $132.20/bbl
    ** Energy shares  .SPTTEN  lead Canada's main stock index
and touched their highest levels since Dec 2016  urn:newsml:reuters.com:*:nL3N2VB3BF
    ** Vermilion Energy  VET.TO , Baytex Energy  BTE.TO  and MEG
Energy  MEG.TO  jump 6.7%-9.1%; among top pct gainers across
Canadian stocks
    ** Oil major Canadian Natural Resources  CNQ.TO  hits a
record high after climbing as much 4.2% to C$79.54
    ** Other oil majors Suncor Energy  SU.TO , Cenovus Energy
 CVE.TO  and Imperial Oil  IMO.TO  add as much as 2.4%-2.7%
    ** CVE hits highest since Dec 2016, IMO scales highest since
June 2008
    ** Pembina Pipeline  PPL.TO  and TC Energy  TRP.TO  increase
as much as 1.7% each, hovering at levels seen before Canada's
oil crash in March 2020 at beginning of pandemic  urn:newsml:reuters.com:*:nFWN2VB0BV

 (Reporting by Ruhi Soni in Bengaluru;)
 ((Ruhi.Soni@thomsonreuters.com;
Twitter: https://twitter.com/ruhithere;))