Here is Why Cenovus Energy (CVE) Gained This Week

The share price of Cenovus Energy Inc. (NYSE:CVE) surged by 16.15% between January 7 and January 14, 2026, putting it among the Energy Stocks that Gained the Most This Week.

Cenovus Energy Inc. (NYSE:CVE) is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining ,and marketing operations in Canada and the United States.

Cenovus Energy Inc. (NYSE:CVE) was among the Canadian oil producers that witnessed a downturn following the US action in Venezuela, as it dramatically increased the prospects of the US Gulf Coast refiners shifting from Canadian to Venezuelan crude, since they are similar. Moreover, there are also concerns that the cheaper oil coming from Venezuela would potentially drive down the price American buyers pay to Canadian producers, putting pressure on margins and profits.

However, Cenovus Energy Inc. (NYSE:CVE) has since witnessed a strong rebound, driven primarily by the sharp increase in global crude oil prices over the last week. The WTI crude oil futures surged by over 7% between January 7 and January 14, as geopolitical risks in the Middle East dominated trading. The comeback was also supported by markets coming to terms with the fact that it will still take significant time and investment, as well as some much-needed political stability, for Venezuelan crude to enter the United States.

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