Growing civil unrest in Libya, an OPEC member and home to Africa’s largest oil reserves, is helping boost oil futures today and the trickle-down effect can be seen in shares of oil sands stocks as the Oil Sands Stocks Index is up 3.4% adding to a gain of almost 6% in the past week.
Libyan dictator Moammar Gadhafi appeared on television this morning, as defiant as ever, pledging not to step down despite what some outsiders perceive to be a crumbling regime that could be toppled at any moment. The appearance came a day after Gadhafi denied reports that he was in Venezuela seeking refuge with Hugo Chavez’s friendly regime.
Regardless of what the future holds for the embattled dictator, the Libya situation is driving crude prices higher, a boon for the oil sands segment, where high-priced crude makes extraction more economically viable. Every member of the seven-stock Index is higher today. Oilsands Quest (BQI) is leading the way with a surge of 7% and Imperial Oil is next in line with a gain of 5%.
Suncor Energy (SU.to), Canada’s largest oil company is higher by 4%. Canadian Natural Resource (CNQ.to), Cenovus Energy (CVE.to) and Athabaska (ATH.to) are also up .
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