Oil Sands Stocks Slammed By Japan Woes (CNQ, CVE, SU, COSWF, IMO, NOA)
The combination of plunging share prices for uranium and faltering oil prices has been a toxic brew for Canadian stocks this week and the Oil Sands Stocks Index is highlighting that that negative trend today with a 2.1% decline.
Asia, including Japan, is a prime destination for crude oil extracted from Canada’s oil sands region and fears that Japan, one of the world’s largest oil importers, will temper its demand for crude in the near-term is weighing on the Canadian dollar, a prime commodity currency, and shares of oil sands producers.
The Index is home to seven stocks, all of which are in the red today. The best performances, if they can be called that, belong to Canadian Natural Resource (CNQ) and Cenovus Energy (CVE), both of which are down fractionally. Suncor Energy (SU), Canada’s largest oil company, is lower by 1%.
Canadian Oil Sands (COSWF), Imperial Oil (IMO) and North American Energy (NOA) are down 3% or more as oil stocks falter with futures trading at two-week lows and investors speculate on the ability of Japan’s already fragile economy to pull through this natural disaster.
Investors can track the Oil Sands Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
More on this topic (What's this?)
Canadian Oil Sands Takeover (Energy and Capital, 3/15/11)
Are the Canadian Oil Sands a Good Investment Right Now? (Blogging the Commodity Bull Market, 3/25/11)
Oil Sands: Fueling the Future (Jutia Group, 3/22/11)
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