- The TSX Composite fell 0.26% to 35,491, dragged lower by a 3.43% WTI crude crash driven by a surprise U.S. inventory build and OPEC+ uncertainty.
- Cenovus Energy dropped 3.1% and Canadian Natural Resources fell 2.8%, making energy the session’s worst-performing TSX sector by a wide margin.
- Copper’s 1.12% surge to US$6.44/lb on strong Chinese industrial data lifted Hudbay Minerals 3.1% and Teck Resources 2.3%, the day’s top large-cap winners.
- Thursday’s U.S. jobless claims, IEA oil report, and a Bank of Canada deputy governor speech are the key catalysts that could reset market direction.
The TSX Composite Index closed Wednesday at 35,491, down 92 points or 0.26%, in a session defined by a sharp crude oil selloff that punished Canada’s heavyweight energy sector. Volume came in slightly below the 30-day average, reflecting a degree of investor caution ahead of tomorrow’s U.S. housing and jobless claims data. South of the border, the S&P 500 fell 0.45% to 7,552 while the NASDAQ held near flat, slipping just 0.01% to 25,978.
Energy Leads the Losers
WTI crude collapsed 3.43% to US$102.20 per barrel (approximately C$142.46/bbl at today’s USD/CAD rate of 1.3939), with Brent shedding 2.81% to US$105.69. The trigger: a surprise build in U.S. crude inventories reported midday, combined with renewed signals from OPEC+ members that a production-cut extension is not guaranteed beyond Q4 2026. Canadian Natural Resources (CNQ) tumbled 2.8% on the session, while Cenovus Energy (CVE) dropped 3.1% — one of the TSX’s worst single-day performances in the energy patch in over two months. Suncor Energy (SU) fared marginally better but still closed 1.9% lower.
Gold Slips, But Copper and Silver Shine
Gold pulled back 0.54% to US$4,309.60 per ounce (C$6,007.96/oz), weighing on senior producers. Agnico Eagle Mines (AEM) ended the day 0.7% lower, and Barrick Gold (ABX) gave up 0.9%. The silver lining — literally — was silver itself, which popped 0.54% to US$63.58/oz, giving First Majestic Silver (FR) a 1.4% lift, one of the few precious-metals names to close in the green.
The day’s standout performer across all commodities was copper, surging 1.12% to US$6.44 per pound on stronger-than-expected Chinese industrial output data released overnight. Teck Resources (TECK.B) was the TSX’s top large-cap winner, advancing 2.3%, while Hudbay Minerals (HBM) jumped 3.1% to lead the mid-cap materials space.
Today’s Key Market Movers
| Name | Ticker | Move | Driver |
|---|---|---|---|
| Hudbay Minerals | HBM | +3.1% | Copper surge on China data |
| Teck Resources | TECK.B | +2.3% | Copper surge on China data |
| First Majestic Silver | FR | +1.4% | Silver gains +0.54% |
| Cenovus Energy | CVE | -3.1% | WTI crude -3.43%, inventory build |
| Canadian Natural Resources | CNQ | -2.8% | WTI crude -3.43%, OPEC+ uncertainty |
| Barrick Gold | ABX | -0.9% | Gold slips -0.54% |
What to Watch Tomorrow
Thursday’s pre-market calendar is packed. U.S. initial jobless claims drop at 8:30 AM ET — consensus sits at 218,000; a miss above 230,000 could rattle risk sentiment and pressure the loonie further against the greenback. U.S. existing home sales for August follow at 10:00 AM ET. On the Canadian front, watch for any overnight commentary from Bank of Canada Deputy Governor Sharon Kozicki, who is scheduled to speak at a Toronto economic forum — any hint at the pace of future rate moves will be closely parsed. Crude traders will be monitoring the IEA monthly oil market report, due Thursday morning, for any revision to 2026 demand forecasts that could either deepen or partially reverse today’s selloff. With energy sitting at oversold levels on a one-day basis, a relief bounce in CVE and SU is plausible — but the macro headwinds remain real.
