Canadian Energy Stocks Sink as Tariff Fears Grip Market

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Canadian Energy Stocks Sink as Tariff Fears Grip Market
FinanceCanadian StocksOil And Gas

Canadian oil and gas stocks tumbled despite a rally in US counterparts, spurred by Alberta's premier's warning about potential tariffs from the incoming Trump administration.

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Canadian oil and gas stocks experienced a significant decline this year, even as their US counterparts rallied, fueled by concerns over potential tariffs on oil and gas imports. Alberta's premier, Rachel Notley, who recently visited Donald Trump's Mar-a-Lago resort, warned that the incoming Trump administration might impose tariffs on these imports. This news triggered a sell-off in Canadian energy stocks, with an index tracking Canadian energy producers plummeting 1.

4%, marking the sharpest drop since December 18th. In contrast, the S&P 500 Integrated Oil and Gas subindex surged 2.2%. The divergence in stock performance is largely attributed to the anxieties surrounding tariffs, according to Eric Nuttall, a partner and senior portfolio manager at Ninepoint Partners. He highlighted that Canadian heavy-oil producers, which primarily export their production to the US, are the most vulnerable to these potential tariffs. Companies like MEG Energy Corp. suffered substantial losses, dropping 6.2% in Toronto on Monday. Conversely, companies like Suncor Energy Inc., which possess large refineries, including some located in the US, are expected to fare better in this scenario.

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