Cenovus Energy Inc. (NYSE:CVE) saw its share price rise 16.15% between January 7 and January 14, 2026. The company was listed among energy stocks that gained the most during that week.
Cenovus Energy Inc. is an integrated energy firm. It operates oil and natural gas production in Canada and the Asia Pacific region. The company also conducts upgrading, refining, and marketing activities in Canada and the United States.
Earlier, Cenovus was among Canadian oil producers that experienced a downturn after U.S. action in Venezuela. That action raised the prospect of U.S. Gulf Coast refiners switching from Canadian to Venezuelan crude, as the oils are similar. Concerns emerged that cheaper oil from Venezuela could lower prices American buyers pay to Canadian producers, pressuring margins and profits.
Recently, Cenovus has rebounded strongly. A sharp increase in global crude oil prices over the past week drove the recovery. WTI crude oil futures rose more than 7% between January 7 and January 14. Geopolitical risks in the Middle East dominated trading during that period.
Markets also adjusted to the realization that Venezuelan crude entering the United States will require significant time, investment, and political stability. This reassessment supported the comeback.