Canadian energy stocks shrug off crashing oil prices [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Canadian energy stocks shrug off crashing oil prices A pumpjack works at a well head at an oil installation near Cremona, Alta., on Oct. 29, 2016. Jeff McIntosh/The Canadian Press The price of a barrel of benchmark U.S. oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity. But what do negative crude prices mean in the real world? Reuters A pumpjack works at a well head at an oil installation near Cremona, Alta., on Oct. 29, 2016. The price of crude oil remained severely depressed on Tuesday, one day after U.S. crude futures plummeted well below zero dollars a barrel, underscoring deep concerns about the global economy. Yet Canadian energy stocks largely shrugged off the deepening gloom. The iShares S&P/TSX Capped Energy Index exchange-traded fund , which tracks the sector, fell just 1 per cent, outperforming the broader market. What’s mor
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