• Sign up for the Daily Digest E-mail
  • Facebook
  • X
  • LinkedIn

BOE Report

Sign up
  • Home
  • StackDX Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

TSX falls as energy stocks fail to get lift from highest crude price in nine weeks

September 12, 20183:13 PM The Canadian Press0 Comments

Pump jack

TORONTO – Canada’s main stock market resumed its downward trajectory Wednesday as energy stocks failed to get a lift even though crude oil prices hit nearly a nine-week high.

There was a disconnect as the overall market didn’t benefit from higher commodity prices because of uncertainty over NAFTA negotiations, said Candice Bangsund, vice-president and portfolio manager for Fiera Capital.

“We’re not there yet and I think the market is just expressing a little bit of caution there and just waiting for some sort of tangible news on the NAFTA front,” she said in an interview.

“That NAFTA overhang has really weighed on the index fairly generally and the hope is that we do get some sort of positive news on that front and likely could see a relief rally on Canadian stocks.”

The S&P/TSX composite index closed down 45.23 points to 16,049.02, after hitting a low of 15,993.58 on 266.3 million shares traded. The decrease came a day after the market hit its first daily gain in September.

Market heavyweights industrials, financials and energy all closed down.

Gold, materials and base metals led on the positive because of a lower U.S. dollar and hope that a solution could be found in the U.S. trade dispute with China after a report said that the Americans were seeking new trade talks before even imposing new tariffs.

“We find this to be fairly encouraging and I think the market is tentatively, cautiously optimistic so that’s why you’re not seeing a strong relief rally,” Bangsund said.

Offsetting the hope was a down day in the United States for the market-heavy U.S. technology sector.

In New York, the Dow Jones industrial average gained 27.86 points to 25,998.92. The S&P 500 index was up 1.03 points to 2,888.92, while the Nasdaq composite was off 18.24 points to 7,954.23.

The Canadian dollar was trading at an average of 76.84 cents US compared with an average of 76.22 cents US on Tuesday.

The gain came as the October crude contract was up US$1.12 at US$70.37 per barrel, the highest level since July 13.

The improvement was driven by the U.S. producer price index posting its first monthly decline in 18 months, a weaker U.S. greenback against several currencies and concern about the impact of Hurricane Florence that is set to hit the U.S. southeastern coast.

“On the oil front we saw a larger than expected weekly draw down in crude stockpiles so this is contributing to an already fairly tight crude market,” she added.

The October natural gas contract was up 0.1 of a cent at US$2.83 per mmBTU.

The December gold contract was up $8.70 to US$1,210.90 an ounce and the December copper contract was up 5.4 cents at US$2.68 a pound.

Follow BOE Report
  • Facebook
  • X
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Discount on Western Canada Select widens
  • European Commission proposes Russian oil price cap 15% below global price
  • US oil/gas rig count down for 11th week to lowest since 2021, Baker Hughes says
  • Taiwan’s CPC Corp eyes US shale gas assets, sources say
  • Saudi Arabia complying fully with voluntary OPEC+ target, energy ministry says

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contact
    • Report Error
    BOE Network
    © 2025 Stack Technologies Ltd.