July 4 (Reuters) - Futures pointed to a higher opening for Canada’s main stock index on Wednesday as Brent oil prices made gains following a second successive weekly decline in U.S. crude inventories.
The drop was caused by an outage at Syncrude Canada’s oil sands facility near Fort McMurray, Alberta, which supplies to the U.S. The outage is expected to last through July.
September futures on the S&P/TSX index were up 0.56 percent at 7:15 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX fell 14.57 points, or 0.09 percent, to 16,263.16 on Tuesday.
U.S. markets are closed for Fourth of July holiday.
Kinder Morgan Canada Ltd said in a filing on Tuesday it is restarting construction in August on the Trans Mountain pipeline’s expansion after halting work in the spring due to opposition from environmentalists and other groups as Canada prepares to buy the project in a bid to boost the country’s oil exports.
The newly elected Ontario government announced on Tuesday it would end the province’s cap-and-trade program, a policy designed to reduce greenhouse gas emissions, fulfilling one of Premier Doug Ford’s election promises.
ANALYST RESEARCH HIGHLIGHTS
Innergex Renewable Energy Inc: National Bank Of Canada raises price target to C$19 from C$18
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1256.3; rose 0.22 percent
US crude: $73.79; fell 0.47 percent
Brent crude: $78.07; rose 0.4 percent
LME 3-month copper: $6458; fell 0.51 percent
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Canadian markets directory ($1= C$1.31) (Reporting by Debanjan Bose in Bengaluru Editing by Chizu Nomiyama)
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