Shares of Canadian Natural Resources (CNQ.TO)(CNQ) and MEG Energy (MEG.TO) rallied on Monday, after U.S. President Donald Trump’s slate of inaugural policies did not directly target Canadian oil and gas.

Calgary-based Canadian Natural Resources and MEG Energy are more reliant on exports to the U.S. than integrated peers with refineries and retail gas stations in Canada. According to RBC Capital Markets, Suncor Energy (SU.TO)(SU) and Imperial Oil (IMO.TO)(IMO) are best positioned to withstand potential energy tariffs from the Trump administration.

Rory Johnston, founder of Commodity Context, spotted shares of Canadian Natural Resources and MEG Energy “rapidly retracing last week's tariff concern-induced slump” on Monday. Toronto-listed Canadian Natural Resources shares closed 4.35 per cent higher at $46.97. MEG Energy stock gained 6.27 per cent to $25.08 per share.

The iShares S&P/TSX Capped Energy Index ETF (XEG.TO), a basket of Canada’s largest oil and gas producers, added 1.75 per cent on Monday.

“We envision no winners—and ultimately only relative losers— among energy producers in Canada, U.S. refiners and consumers if an energy tariff campaign unfolds,” RBC Capital Markets analyst Greg Pardy wrote in a note to clients. His comments were published prior to reports that Trump will not hit Canada with a blanket tariff on his first day in office.

Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.

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