July 3 (Reuters) - Futures pointed to a higher opening for Canada’s main stock index on Tuesday as oil prices gained after Libya declared force majeure on some of its crude exports and loss of Canadian supplies lifted U.S. crude price.
Libya’s National Oil Corp declared force majeure on loadings from Zueitina and Hariga ports, resulting in 850,000 bpd of supplies being disrupted.
Production at Syncrude Canada’s 360,000 barrels per day oil sands facility near Fort McMurray, Alberta, was hit by a power outage last month and is likely to remain offline through July.
September futures on the S&P/TSX index were up 0.34 percent at 7:15 a.m. ET.
Markit manufacturing PMI data is due at 09:30 a.m. ET
Toronto Stock Exchange’s S&P/TSX composite index closed up 97.84 points, or 0.60 percent, at 16,277.73 on Friday.
Dow Jones Industrial Average e-mini futures were up 0.43 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.36 percent and Nasdaq 100 e-mini futures were up 0.53 percent.
The White House said on Monday Canada’s decision to enact tariffs on C$16.6 billion worth of American goods in retaliation for U.S. tariffs on imports of Canadian steel and aluminum would not help its economy.
Steel pipe maker Tenaris SA is temporarily laying off workers and adjusting production at a Canadian plant because of uncertainty in the steel market following tariffs imposed by the United States, a company official said.
ANALYST RESEARCH HIGHLIGHTS
Sandstorm Gold Ltd: Canaccord Genuity raises target price to C$10 from C$9.50
Sienna Senior Living: Canaccord Genuity starts with buy rating; target C$18.75
Suncor Energy Inc: Macquarie raises price target to C$50 from C$48
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1247.5; rose 0.47 percent
US crude: $74.81; rose 1.18 percent
Brent crude: $78.12; rose 1.06 percent
LME 3-month copper: $6586.5; rose 0.97 percent
U.S. ECONOMIC DATA DUE ON TUESDAY
0945 ISM-New York Index for June: Prior 782.5
0945 ISM New York Business Conditions for June: Prior 56.4
1000 Durable goods excluding defense R mm for May: Prior -1.5 pct
1000 Durable goods Revised mm for May: Prior -1.0 pct
1000 Factory orders mm for May: Expected 0 pct; Prior -0.8 pct
1000 Durables excluding transport Revised mm for May: Prior -0.3 pct
1000 Non Defense capital goods excluding aircraft Revised mm for May: Prior -0.2 pct
1000 Factory excluding transport mm for May: Prior 0.4 pct
1530 Domestic car sales for June: Expected 4.00 mln; Prior 3.90 mln
1530 Total vehicle sales for June: Expected 17.00 mln; Prior 16.91 mln
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Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.31) (Reporting by Debanjan Bose in Bengaluru) )
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