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Canadian Natural Resources, Cenovus May See More Shr Price Gains in Pipeline as Alberta Wildfires Wane

Canadian Natural Resources Ltd. ( CNQ ) and Cenovus Energy Inc. ( CVE ) should add to the gains of yesterday amid reports that firefighters may begin to gain the upper hand over Alberta's wildfires as winds ease and humidity rises, lessening the risk to crude production sites.

CNQ gained 99 cents or 2.5% to close at $40.74 yesterday. CVE rose $1.14 or 3.5% to $33.88.

Wind speeds have begun to fall from a peak of almost 100 kilometers (62 miles) per hour on May 15 when fires swept through the town of Slave Lake, forcing the evacuation of all 7,000 inhabitants, Dave Ealey, a spokesman from Alberta Sustainable Resource Development, is cited in a Bloomberg report as saying.

Bloomberg said about 1,000 firefighters have been deployed across the northern half of the province as of May 18.

Strong winds and a lack of moisture at a time of year when trees haven't started to draw water into their stems prompted fires that have burnt more than double the area damaged in 2010, Ealey said. Canadian Natural Resources Ltd., Cenovus Energy Inc. ( CVE ) and other producers had said they may curtail output as the fire disrupts repair work on one of the main pipelines in the region.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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