Canadian oil and gas stocks stumbled in late-2022, as recession fears and concerns about COVID-19 in China weakened oil prices. (GETTY) Cenovus Energy ( CVE.TO )( CVE ) and Canadian Natural Resources ( CNQ.TO )( C NQ) have emerged favourites as analysts at Canada’s big banks pick 2023 winners among major players in the nation’s oil patch. Recession fears and concerns about COVID-19 in China saw Canadian energy stocks stumble in late-2022 as oil prices weakened. According to Scotiabank Global Equity Research, the price of North American benchmark West Texas Intermediate (WTI) crude averaged about US$82.69 per barrel in the final three months of last year. That’s down 10 per cent from the previous quarter, and about US$2 per barrel above today’s price ( CL=F ). Fourth-quarter financial results for Canada’s energy sector are set to begin rolling out later this month, with Imperial Oil ( IMO.TO )( IMO ) scheduled to report on Jan. 31. Suncor Energy ( SU.TO )( SU ), Cenovus, and Canadian Natural Resources will follow on Feb. 14, Feb. 16, and March 2, respectively. Scotiabank analyst Jason Bouvier says while commodity prices remained relatively robust in Q4, margins for non-diesel refined products fell in […]
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