11:23 AM EDT, 04/20/2026 (MT Newswires) -- CIBC Capital Markets said Friday its top ideas for Canadian oil equities in the first quarter include Cenovus Energy (CVE.TO), Kelt Exploration (KEL.TO), Suncor Energy (SU.TO), Tamarack Valley Energy (TVE.TO), Tenaz Energy (TNZ.TO) and Whitecap Resources (WCP.TO).

CIBC said Canadian oil equities showed strong performance in the first quarter, driven by geopolitical conflict in the Middle East.

Oil prices and U.S Gulf Coast crack spreads increased by 78% and 200% during the quarter, respectively, helping improve realizations for liquids-focused producers and integrated companies, CIBC said.

Due to the oil price spike, CIBC expects meaningful tailwinds for Suncor and Cenovus, while Imperial Oil (IMO.TO) could face a headwind.

Higher oil prices could also drive working capital adjustments, which could increase net debt levels for the integrateds, CIBC added.

CIBC said Canadian LNG projects look increasingly attractive for supply security amid the Middle East conflict. As a result, CIBC expects the LNG Canada Phase 2 and Ksi Lisims LNG projects to be sanctioned in 2026.

Price: 84.28, Change: +0.59, Percent Change: +0.70