Why Cenovus Energy stock is down today: Venezuela shock hits Canadian oil sands
Toronto, Jan 5, 2026, 14:19 (EST) — Regular session Cenovus Energy Inc shares fell more than 5% on Monday afternoon, tracking a selloff in Canadian oil sands producers as investors weighed whether Venezuela’s heavy crude could re-enter U.S. markets and pressure Canadian pricing. The U.S.-listed stock was down 5.3% at $16.60, after touching a session low of $15.81. The slide matters because Venezuela and Western Canada both sell heavy crude, a thicker grade that needs complex refineries to process. Any policy shift that speeds Venezuelan flows back toward U.S. Gulf Coast refineries risks narrowing the “scarcity premium” that has supported