The Canadian Energy Stock I'm Buying Now: It's a Steal
Explore the potential of Energy Stock in Canada, with Canadian Natural Resources being pivotal in oil production.
Canada has one of the largest oil sands fields in the world, with its largest oil and gas producer, Canadian Natural Resources (TSX:CNQ), able to sell oil at competitive rates, remain profitable, and pay dividends.
The company's competitiveness is driven by its low-maintenance, high-value reserves of synthetic crude oil, light crude oil, and natural gas liquids.
Recently, the stock price dipped 8.7% from October 9 as oil prices fell due to concerns of oversupply, caused by the Organization of the Petroleum Exporting Countries (OPEC+) planning to increase production and escalating trade tensions between the US and China.
- OPEC+ planned to increase production, negatively affecting oil prices.
- Escalating trade tensions between the US and China reduced demand.
- Weekly reports of increasing US crude oil stockpiles also reduced demand.
Author's summary: Canadian Natural Resources is a steal in the energy stock market.