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  5. CNQ: Hi, If the war in Ukraine ends, how would it affect oil prices, specifically, SUN, CNQ, ENB, CVX? [Canadian Natural Resources Limited]
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Q: Hi,

If the war in Ukraine ends, how would it affect oil prices, specifically, SUN, CNQ, ENB, CVX?
Asked by Graeme on March 17, 2025
5i Research Answer:

All of these are impacted in some way by oil prices, though ENB's fortunes are more attuned to volumes rather than pricing. Still, the war could take a risk premium off the oil price, perhaps a few dollars per barrel. Thus, cash flow of the producers would be impacted in such an occurrence. But, 1) unless oil drops $10, we do not think a small dip would be overly material to these company, and 2) the valuations are so low already, and sentiment remains weak, so there may be even less actual impact to stock prices.