April 19 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Thursday, tracking a fierce rally in commodities and resource stocks following talk that Saudi Arabia has its sights on $80-$100 a barrel oil again.
June futures on the S&P TSX index were up 0.21 percent at 7:15 a.m. ET.
Oil prices rose to their highest since late 2014 as U.S. crude inventories declined, moving closer to five-year averages.
Canada’s main stock index rose for the fifth straight day on Wednesday to reach a four-week high, as energy and metal mining companies led broad-based gains, boosted by higher commodity prices.
Dow Jones Industrial Average e-mini futures were down 0.05 percent at 7:15 a.m. ET, while S&P 500 e-mini futures fell 0.09 percent and Nasdaq 100 e-mini futures were 0.12 percent lower.
(Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)
TOP STORIES
Kinder Morgan Canada Ltd reported on Wednesday an 5.1 percent drop in first-quarter profit hurt by a fall in volumes of crude oil and refined products transports.
Canadian Pacific Railway’s first-quarter profit topped analysts’ expectations as the railroad operator shipped higher volumes of commodities such as potash and crude oil, offseting the impact of higher expenses.
GrafTech International Ltd raised $525 million in its U.S. initial public offering on Wednesday, a source familiar with the matter said, netting owner Brookfield Asset Management Inc a smaller-than-expected windfall.
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,350.4; -0.23 pct
US crude: $69.14; 0.98 pct
Brent crude: $74.3; 1.12 pct
LME 3-month copper: $7010; -0.17 pct
ANALYST RESEARCH HIGHLIGHTS
• Canadian Pacific Railway Ltd: CIBC raises target price to C$270 from C$263.
• Roots Corp: CIBC raises target price to C$14 from C$12.
U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Initial jobless claims: Expected 230,000; Prior 233,000
0830 Jobless claims 4-week average: Prior 230,000
0830 Continued jobless claims: Expected 1.848 mln; Prior 1.871 mln
0830 Philly Fed Business Index for Apr: Expected 20.1; Prior 22.3
0830 Philly Fed 6M Index for Apr: Prior 47.90
0830 Philly Fed Capex Index for Apr: Prior 35.90
0830 Philly Fed Employment for Apr: Prior 25.60
0830 Philly Fed Prices Paid for Apr: Prior 42.60
0830 Philly Fed New Orders for Apr: Prior 35.70
1000 Leading index change mm for Mar: Expected 0.3 pct; Prior 0.6 pct
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$1= C$1.26 Reporting by Benny Thomas in Bengaluru; Editing by Sriraj Kalluvila
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