Commodities & Energy

Reuters reveals Cenovus inks deal to move more crude on Canadian National Railway; market reacts

Reuters reveals Cenovus inks deal to move more crude on Canadian National Railway; market reacts

Shares in Canadian oil producer Cenovus Energy rebounded to trade up as much as 1.1 percent after Reuters exclusively reported Cenovus struck a deal with Canadian National Railway to move more crude by rail, in the wake of pipeline congestion faced by Canadian crude oil companies. The deal is one of many being quietly signed that, along with the expedited deliveries of new locomotives, will help boost Canada’s crude-by-rail shipments 50 percent by year end.