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Gulf Oil Is Back. Can Tar Sands Giants Keep Rising?

It has been an enormous year for Canadian oil stocks: over the past twelve months, the S&P/TSX Capped Energy Index has climbed roughly 71%, which is more than triple the gain of the broader TSX. Gulf oil is now flowing once more at levels seen before the war, and yet Brent remains above US$100. That raises the question: is the surge in Canada's tar sands stocks here to stay, or has the bulk of the profit already been captured? This article examines what is genuinely keeping oil prices elevated, how the loonie affects returns for foreign investors, and which stocks still have room to appreciate.

By Kerem Baskir