Calgary-based oilsands producer Cenovus Energy Inc. is predicting a bumpy ride for North American oil and natural gas supply and for prices in light of Covid-19 relapses and Russia’s invasion of Ukraine. 

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“Current fundamentals suggest a tight market will persist” for natural gas, management said as part of the 1Q0222 results. “But this could be offset by increased associated gas production, as well as fuel switching amid high prices.”

Investors were advised to brace for swift and unpredictable changes throughout a global energy scene rattled by Russian military action in Ukraine. Along with ongoing Covid-19 relapse risks, “the market faces a highly uncertain future as the Russia-Ukraine conflict develops.

“We expect the general outlook for crude oil and refined...