Futures linked to Canada’s main stock exchange were subdued on Thursday, after the average retreated from an all-time peak in the previous session.
Track Canadian stocks with InvestingPro By 06:54 ET (11:54 GMT), the S&P/TSX 60 index standard futures were mostly unchanged.
On Wednesday, the S&P/TSX composite index finished lower by 271.53 points at 32,135.49, following a fresh record high notched earlier this week.
Weighing on sentiment were concerns that Canadian oil supplies to the U.S. could be dented by Washington’s recent push to control crude flows from major producer Venezuela.
The U.S. seized two oil tankers in the Atlantic Ocean with ties to Venezuela on Wednesday, moves which came just days after a daring American military attack which resulted in the capture of Venezuelan leader Nicolas Maduro. U.S. President Donald Trump has since openly spoken of assuming control over much of Venezuela’s vast and lucrative oil reserves.
White House officials have also called for a deal with Venezuela to divert supplies destined for China, the biggest buyer of the country’s domestic crude. Analysts at Jefferies have suggested that Canada, along with Brazil, may be emerging candidates to provide supplies to China.
U.S. futures fall
U.S. stock index futures slipped, also pulling back from record levels as investors geared up for impending job market data later in the week.
At 07:10 ET, Dow Jones Futures slipped 187 points, or 0.4%, S&P 500 Futures dropped 17 points, or 0.2%, and Nasdaq 100 Futures fell 82 points, or 0.3%.
The main averages on Wall Street were mixed in the prior session. The NASDAQ Composite rose, buoyed by healthy gains in several big-name technology firms like Nvidia and Google-owner Alphabet, while pressure on sectors like financials and energy dragged down the benchmark S&P 500 and blue-chip Dow Jones Industrial Average, even after touching fresh all-time records during the day.
Oil prices steady
Oil prices ticked higher, but trimmed some of their intraday gains following a Wall Street Journal report that the U.S. was planning to control Venezuelan oil for the long term.
Prices found some relief after tumbling for two straight sessions, amid concerns that a global supply glut will be accentuated by a potential increase production in Venezuela. Earlier this week, Trump said Venezuela will turn over between 30 million and 50 million barrels of oil to Washington, worth as much as $3 billion.
Data showing a bigger-than-expected weekly draw in U.S. oil inventories also aided crude prices, while continued hostilities between Russia and Ukraine kept some risk premium in play.
Brent oil futures rose 1.4% to $60.82 a barrel, while West Texas Intermediate crude futures added 1.6% to $56.85 a barrel. Both benchmarks slumped over 1% for two consecutive sessions.
Gold pulls back
Gold prices extended losses, giving back ground after sharp gains at the start of the week as a firmer U.S. dollar weighed on investor appetite for bullion ahead of key U.S. labor market data.
