BEFORE THE BELL: Pot stocks slump, oil sits flat, natural gas prices surge in Canada
Oil and pot are in focus today as the TSX looks to snap a four-day losing streak. The price of crude is moving up slightly, coming off its longest slum, as OPEC considers cutting back on production by 1.4 million barrels a day. The price of US crude is up to 55.74 a barrel.
Meanwhile, Canadian marijuana producers like Tilray and Canopy have both come in below expectations in quarterly earnings reports. Canopy reported its expenses skyrocketed in the ramp up to legalization in Canada. Analysts were expecting a revenue intake of over $66 million, but Canopy came in far below that expectation at $23 million.
The Bay Street index could be helped by a natural gas price spike of 15 per cent this morning. Experts saying the earlier than expected colder weather is pushing the jump.
Across the pond, Brexit is in the limelight as British Prime Minister Theresa May attempts to sell a draft divorce deal with the EU to senior cabinet members in Parliament. Analysts suggest the Brexit-led volatility is likely to get much stronger ahead of the exit deadline next March.